GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.8%

Communication

Services

–

4.3%

15,820

Alphabet,

Inc.,

Class

A

$

2,716,927

83,419

AT&T,

Inc.

2,319,048

5,893

Charter

Communications,

Inc.,

Class

A*

2,335,219

68,392

Comcast

Corp.,

Class

A

2,364,312

15,249

Electronic

Arts,

Inc.

2,192,501

46,778

Fox

Corp.,

Class

A

2,569,984

17,322

Live

Nation

Entertainment,

Inc.*

2,376,405

3,976

Meta

Platforms,

Inc.,

Class

A

2,574,420

2,053

Netflix,

Inc.*

2,478,443

83,924

News

Corp.,

Class

A

2,370,014

30,834

Omnicom

Group,

Inc.

2,264,449

87,365

Pinterest,

Inc.,

Class

A*

2,717,925

22,483

Reddit,

Inc.,

Class

A*

2,525,965

33,494

ROBLOX

Corp.,

Class

A*

2,913,308

10,294

Take-Two

Interactive

Software,

Inc.*

2,329,326

13,989

TKO

Group

Holdings,

Inc.

2,207,604

9,341

T-Mobile

US,

Inc.

2,262,390

41,854

Trade

Desk,

Inc.

(The),

Class

A*

3,148,258

53,363

Verizon

Communications,

Inc.

2,345,838

23,202

Walt

Disney

Co.

(The)

2,622,754

275,527

Warner

Bros

Discovery,

Inc.*

2,747,004

52,382,094

Consumer

Discretionary

–

8.8%

19,342

Airbnb,

Inc.,

Class

A*

2,495,118

12,505

Amazon.com,

Inc.*

2,563,650

630

AutoZone,

Inc.*

2,351,815

34,498

Best

Buy

Co.,

Inc.

2,286,527

453

Booking

Holdings,

Inc.

2,500,075

9,674

Burlington

Stores,

Inc.*

2,208,284

119,433

Carnival

Corp.*

2,773,234

9,050

Carvana

Co.*

2,960,798

46,206

Chipotle

Mexican

Grill,

Inc.*

2,313,996

19,155

D.R.

Horton,

Inc.

2,261,439

11,754

Darden

Restaurants,

Inc.

2,517,824

19,672

Deckers

Outdoor

Corp.*

2,075,789

4,946

Domino's

Pizza,

Inc.

2,343,514

13,193

DoorDash,

Inc.,

Class

A*

2,752,719

68,971

DraftKings,

Inc.,

Class

A*

2,474,680

4,769

Duolingo,

Inc.*

2,478,020

33,565

eBay,

Inc.

2,455,951

14,081

Expedia

Group,

Inc.

2,348,007

9,650

Flutter

Entertainment

PLC

(United

Kingdom)*

2,438,555

229,543

Ford

Motor

Co.

2,382,656

12,550

Garmin

Ltd.

2,547,274

51,871

General

Motors

Co.

2,573,320

20,270

Genuine

Parts

Co.

2,564,560

9,718

Hilton

Worldwide

Holdings,

Inc.

2,414,340

6,523

Home

Depot,

Inc.

(The)

2,402,356

59,706

Las

Vegas

Sands

Corp.

2,457,499

21,869

Lennar

Corp.,

Class

A

2,319,864

10,489

Lowe’s

Cos.,

Inc.

2,367,682

9,221

Marriott

International,

Inc.,

Class

A

2,432,776

7,441

McDonald's

Corp.

2,335,358

40,682

NIKE,

Inc.,

Class

B

2,464,922

333

NVR,

Inc.*

2,369,605

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

1,704

O'Reilly

Automotive,

Inc.*

$

2,330,220

23,225

PulteGroup,

Inc.

2,276,747

16,528

Ross

Stores,

Inc.

2,315,408

10,355

Royal

Caribbean

Cruises

Ltd.

2,660,924

28,648

Starbucks

Corp.

2,405,000

8,717

Tesla,

Inc.*

3,020,092

18,300

TJX

Cos.,

Inc.

(The)

2,322,270

46,429

Tractor

Supply

Co.

2,247,164

6,034

Ulta

Beauty,

Inc.*

2,844,790

54,626

Viking

Holdings

Ltd.*

2,438,505

14,981

Williams-Sonoma,

Inc.

2,423,327

15,746

Yum!

Brands,

Inc.

2,266,479

107,783,133

Consumer

Staples

–

6.6%

38,844

Altria

Group,

Inc.

2,354,335

49,242

Archer-Daniels-Midland

Co.

2,376,911

19,787

BJ's

Wholesale

Club

Holdings,

Inc.*

2,240,086

68,892

Brown-Forman

Corp.,

Class

B

2,296,859

5,044

Casey's

General

Stores,

Inc.

2,208,061

25,703

Church

&

Dwight

Co.,

Inc.

2,526,862

17,328

Clorox

Co.

(The)

2,285,217

32,685

Coca-Cola

Co.

(The)

2,356,588

26,003

Colgate-Palmolive

Co.

2,416,719

12,469

Constellation

Brands,

Inc.,

Class

A

2,223,098

2,341

Costco

Wholesale

Corp.

2,435,061

25,558

Dollar

General

Corp.

2,485,515

28,006

Dollar

Tree,

Inc.*

2,527,822

39,973

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

2,675,793

43,534

General

Mills,

Inc.

2,362,155

14,085

Hershey

Co.

(The)

2,263,319

81,051

Hormel

Foods

Corp.

2,486,645

28,636

Kellanova

2,366,193

101,454

Kenvue,

Inc.

2,421,707

69,661

Keurig

Dr

Pepper,

Inc.

2,345,486

17,747

Kimberly-Clark

Corp.

2,551,309

83,809

Kraft

Heinz

Co.

(The)

2,240,215

32,381

Kroger

Co.

(The)

2,209,356

31,517

McCormick

&

Co.,

Inc.

2,292,231

35,138

Mondelez

International,

Inc.,

Class

A

2,371,464

39,111

Monster

Beverage

Corp.*

2,501,148

18,014

PepsiCo,

Inc.

2,367,940

13,406

Philip

Morris

International,

Inc.

2,420,989

14,800

Procter &

Gamble

Co.

(The)

2,514,372

14,163

Sprouts

Farmers

Market,

Inc.*

2,448,216

33,560

Sysco

Corp.

2,449,880

24,762

Target

Corp.

2,327,876

42,631

Tyson

Foods,

Inc.,

Class

A

2,394,157

23,871

Walmart,

Inc.

2,356,545

81,100,130

Energy

–

4.7%

64,797

Baker

Hughes

Co.

2,400,729

9,945

Cheniere

Energy,

Inc.

2,356,866

17,444

Chevron

Corp.

2,384,595

26,927

ConocoPhillips

2,298,219

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

(continued)

103,449

Coterra

Energy,

Inc.

$

2,514,845

76,977

Devon

Energy

Corp.

2,329,324

18,207

Diamondback

Energy,

Inc.

2,449,752

21,876

EOG

Resources,

Inc.

2,375,077

43,825

EQT

Corp.

2,416,072

21,405

Expand

Energy

Corp.

2,485,763

22,552

Exxon

Mobil

Corp.

2,307,070

122,272

Halliburton

Co.

2,395,308

18,332

Hess

Corp.

2,423,307

85,520

Kinder

Morgan,

Inc.

2,397,981

16,316

Marathon

Petroleum

Corp.

2,622,634

60,279

Occidental

Petroleum

Corp.

2,458,178

29,520

ONEOK,

Inc.

2,386,397

22,310

Phillips

66

2,531,739

70,350

Schlumberger

NV

2,325,068

14,884

Targa

Resources

Corp.

2,350,630

1,771

Texas

Pacific

Land

Corp.

1,972,947

20,084

Valero

Energy

Corp.

2,590,233

271,418

Venture

Global,

Inc.,

Class

A

(a)

3,140,306

40,048

Williams

Cos.,

Inc.

(The)

2,423,304

58,336,344

Financials

–

16.6%

21,950

Aflac,

Inc.

2,272,703

11,580

Allstate

Corp.

(The)

2,430,295

8,519

American

Express

Co.

2,505,012

28,674

American

International

Group,

Inc.

2,426,967

4,904

Ameriprise

Financial,

Inc.

2,497,313

6,577

Aon

PLC,

Class

A

2,447,170

18,249

Apollo

Global

Management,

Inc.

2,384,962

25,289

Arch

Capital

Group

Ltd.

2,403,467

14,626

Ares

Management

Corp.,

Class

A

2,420,603

6,972

Arthur

J

Gallagher

&

Co.

2,422,352

57,377

Bank

of

America

Corp.

2,532,047

28,114

Bank

of

New

York

Mellon

Corp.

(The)

2,491,182

4,588

Berkshire

Hathaway,

Inc.,

Class

B*

2,312,168

2,564

Blackrock,

Inc.

2,512,438

17,361

Blackstone,

Inc.

2,409,012

49,429

Block,

Inc.*

3,052,241

131,451

Blue

Owl

Capital,

Inc.

2,455,505

21,207

Brown

&

Brown,

Inc.

2,394,270

25,211

Capital

One

Financial

Corp.

4,768,661

10,100

Cboe

Global

Markets,

Inc.

2,314,112

28,152

Charles

Schwab

Corp.

(The)

2,486,948

8,187

Chubb

Ltd.

2,433,176

16,197

Cincinnati

Financial

Corp.

2,442,831

33,617

Citigroup,

Inc.

2,532,032

61,352

Citizens

Financial

Group,

Inc.

2,475,553

8,310

CME

Group,

Inc.

2,401,590

11,972

Coinbase

Global,

Inc.,

Class

A*

2,952,535

75,428

Corebridge

Financial,

Inc.

2,459,707

7,384

Corpay,

Inc.*

2,400,612

6,516

Erie

Indemnity

Co.,

Class

A

2,336,051

6,856

Everest

Group

Ltd.

2,380,335

5,392

FactSet

Research

Systems,

Inc.

2,470,938

36,488

Fidelity

National

Financial,

Inc.

1,998,448

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

31,230

Fidelity

National

Information

Services,

Inc.

$

2,486,220

64,031

Fifth

Third

Bancorp

2,445,344

1,306

First

Citizens

BancShares,

Inc.,

Class

A

2,414,637

12,900

Fiserv,

Inc.*

2,099,991

29,970

Global

Payments,

Inc.

2,266,032

4,272

Goldman

Sachs

Group,

Inc.

(The)

(b)

2,565,123

18,459

Hartford

Insurance

Group,

Inc.

(The)

2,396,717

157,119

Huntington

Bancshares,

Inc.

2,455,770

13,131

Interactive

Brokers

Group,

Inc.,

Class

A

2,753,308

13,403

Intercontinental

Exchange,

Inc.

2,409,859

9,381

JPMorgan

Chase &

Co.

2,476,584

154,437

KeyCorp

2,449,371

20,396

KKR

&

Co.,

Inc.

2,477,298

26,864

Loews

Corp.

2,398,687

7,071

LPL

Financial

Holdings,

Inc.

2,737,608

13,533

M&T

Bank

Corp.

2,471,667

1,256

Markel

Group,

Inc.*

2,438,775

10,366

Marsh

&

McLennan

Cos.,

Inc.

2,422,120

4,188

Mastercard,

Inc.,

Class

A

2,452,493

30,745

MetLife,

Inc.

2,415,942

5,069

Moody's

Corp.

2,429,673

19,749

Morgan

Stanley

2,528,464

4,318

MSCI,

Inc.

2,435,438

30,009

Nasdaq,

Inc.

2,506,952

24,132

Northern

Trust

Corp.

2,575,850

34,493

PayPal

Holdings,

Inc.*

2,424,168

14,334

PNC

Financial

Services

Group,

Inc.

(The)

2,491,392

30,457

Principal

Financial

Group,

Inc.

2,372,296

8,291

Progressive

Corp.

(The)

2,362,355

23,172

Prudential

Financial,

Inc.

2,407,339

16,518

Raymond

James

Financial,

Inc.

2,427,816

112,816

Regions

Financial

Corp.

2,418,775

48,430

Robinhood

Markets,

Inc.,

Class

A*

3,203,644

203,829

Rocket

Cos.,

Inc.,

Class

A

(a)

2,598,820

33,254

Ryan

Specialty

Holdings,

Inc.

2,379,989

4,683

S&P

Global,

Inc.

2,401,723

25,542

State

Street

Corp.

2,459,184

43,632

Synchrony

Financial

2,515,385

25,900

T.

Rowe

Price

Group,

Inc.

2,423,981

66,498

Toast,

Inc.,

Class

A*

2,804,886

51,752

TPG,

Inc.

2,490,824

16,428

Tradeweb

Markets,

Inc.,

Class

A

2,373,025

8,772

Travelers

Cos.,

Inc.

(The)

2,418,440

60,472

Truist

Financial

Corp.

2,388,644

56,824

US

Bancorp

2,476,958

6,748

Visa,

Inc.,

Class

A

2,464,302

32,285

W

R

Berkley

Corp.

2,411,367

31,848

Wells

Fargo &

Co.

2,381,593

7,695

Willis

Towers

Watson

PLC

2,435,852

204,265,917

Health

Care

–

10.6%

17,664

Abbott

Laboratories

2,359,557

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

12,532

AbbVie,

Inc.

$

2,332,331

22,283

Agilent

Technologies,

Inc.

2,493,913

13,856

Align

Technology,

Inc.*

2,507,105

8,570

Alnylam

Pharmaceuticals,

Inc.*

2,610,079

8,632

Amgen,

Inc.

2,487,570

77,744

Baxter

International,

Inc.

2,371,192

14,289

Becton

Dickinson

&

Co.

2,466,139

20,158

Biogen,

Inc.*

2,616,307

22,598

Boston

Scientific

Corp.*

2,378,665

49,501

Bristol-Myers

Squibb

Co.

2,389,908

15,504

Cardinal

Health,

Inc.

2,394,438

7,837

Cencora,

Inc.

2,282,448

37,991

Centene

Corp.*

2,144,212

7,110

Cigna

Group

(The)

2,251,310

29,403

Cooper

Cos.,

Inc.

(The)*

2,007,637

35,662

CVS

Health

Corp.

2,283,794

12,309

Danaher

Corp.

2,337,479

28,694

Dexcom,

Inc.*

2,461,945

31,519

Edwards

Lifesciences

Corp.*

2,465,416

5,743

Elevance

Health,

Inc.

2,204,393

3,042

Eli

Lilly

&

Co.

2,243,992

34,397

GE

HealthCare

Technologies,

Inc.

2,426,364

23,856

Gilead

Sciences,

Inc.

2,626,068

6,582

HCA

Healthcare,

Inc.

2,510,309

44,350

Hologic,

Inc.*

2,757,240

9,424

Humana,

Inc.

2,197,017

4,929

IDEXX

Laboratories,

Inc.*

2,530,351

9,054

Insulet

Corp.*

2,942,822

4,433

Intuitive

Surgical,

Inc.*

2,448,523

15,535

IQVIA

Holdings,

Inc.*

2,180,027

15,023

Johnson &

Johnson

2,331,720

9,595

Labcorp

Holdings,

Inc.

2,388,867

3,263

McKesson

Corp.

2,347,761

28,425

Medtronic

PLC

2,358,707

29,674

Merck &

Co.,

Inc.

2,280,150

2,200

Mettler-Toledo

International,

Inc.*

2,542,144

7,315

Molina

Healthcare,

Inc.*

2,231,368

14,972

Natera,

Inc.*

2,361,534

103,045

Pfizer,

Inc.

2,420,527

13,416

Quest

Diagnostics,

Inc.

2,325,529

4,189

Regeneron

Pharmaceuticals,

Inc.

2,053,783

9,725

ResMed,

Inc.

2,380,583

72,746

Royalty

Pharma

PLC,

Class

A

2,391,888

10,569

STERIS

PLC

2,591,625

6,189

Stryker

Corp.

2,368,159

98,067

Summit

Therapeutics,

Inc.*

(a)

1,786,290

5,778

Thermo

Fisher

Scientific,

Inc.

2,327,494

6,080

UnitedHealth

Group,

Inc.

1,835,613

9,991

Veeva

Systems,

Inc.,

Class

A*

2,794,483

5,451

Vertex

Pharmaceuticals,

Inc.*

2,409,615

6,918

Waters

Corp.*

2,416,042

11,278

West

Pharmaceutical

Services,

Inc.

2,377,966

25,129

Zimmer

Biomet

Holdings,

Inc.

2,316,140

15,329

Zoetis,

Inc.

2,584,929

130,931,468

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

15.3%

16,985

3M

Co.

$

2,519,725

1,176

Amentum

Holdings,

Inc.*

24,296

13,902

AMETEK,

Inc.

2,484,843

7,752

Automatic

Data

Processing,

Inc.

2,523,509

3,918

Axon

Enterprise,

Inc.*

2,939,910

12,782

Boeing

Co.

(The)*

2,649,964

19,231

Booz

Allen

Hamilton

Holding

Corp.

2,043,294

10,044

Broadridge

Financial

Solutions,

Inc.

2,438,985

22,452

Builders

FirstSource,

Inc.*

2,417,631

6,125

Carlisle

Cos.,

Inc.

2,328,602

33,752

Carrier

Global

Corp.

2,403,142

7,366

Caterpillar,

Inc.

2,563,589

10,997

Cintas

Corp.

2,490,821

38,417

Copart,

Inc.*

1,977,707

83,200

CSX

Corp.

2,628,288

7,898

Cummins,

Inc.

2,539,049

4,964

Deere

&

Co.

2,513,075

51,981

Delta

Air

Lines,

Inc.

2,515,361

13,788

Dover

Corp.

2,450,817

7,851

Eaton

Corp.

PLC

2,513,890

5,445

EMCOR

Group,

Inc.

2,569,278

21,450

Emerson

Electric

Co.

2,560,701

8,953

Equifax,

Inc.

2,365,293

21,975

Expeditors

International

of

Washington,

Inc.

2,477,242

60,318

Fastenal

Co.

2,493,546

10,985

FedEx

Corp.

2,395,828

14,093

Ferguson

Enterprises,

Inc.

2,569,718

34,471

Fortive

Corp.

2,419,519

5,854

GE

Vernova,

Inc.

2,768,825

8,747

General

Dynamics

Corp.

2,435,952

11,275

General

Electric

Co.

2,772,635

28,794

Graco,

Inc.

2,437,700

8,859

HEICO

Corp.

2,654,511

10,972

Honeywell

International,

Inc.

2,487,023

15,078

Howmet

Aerospace,

Inc.

2,561,601

6,694

Hubbell,

Inc.

2,607,849

9,787

Illinois

Tool

Works,

Inc.

2,398,598

30,494

Ingersoll

Rand,

Inc.

2,489,530

17,848

J.B.

Hunt

Transport

Services,

Inc.

2,478,195

19,776

Jacobs

Solutions,

Inc.

2,497,709

26,327

Johnson

Controls

International

PLC

2,668,768

10,830

L3Harris

Technologies,

Inc.

2,646,202

15,305

Leidos

Holdings,

Inc.

2,273,099

4,154

Lennox

International,

Inc.

2,344,725

5,016

Lockheed

Martin

Corp.

2,419,618

10,731

Norfolk

Southern

Corp.

2,651,845

4,881

Northrop

Grumman

Corp.

2,366,162

15,227

Old

Dominion

Freight

Line,

Inc.

2,438,909

24,286

Otis

Worldwide

Corp.

2,315,670

26,431

PACCAR,

Inc.

2,480,549

3,788

Parker-Hannifin

Corp.

2,517,884

15,714

Paychex,

Inc.

2,481,398

25,647

Pentair

PLC

2,543,669

7,367

Quanta

Services,

Inc.

2,523,640

9,377

Republic

Services,

Inc.

2,412,608

8,347

Rockwell

Automation,

Inc.

2,633,896

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

41,485

Rollins,

Inc.

$

2,375,016

18,447

RTX

Corp.

2,517,647

7,503

Snap-on,

Inc.

2,406,587

77,850

Southwest

Airlines

Co.

2,598,633

30,631

SS&C

Technologies

Holdings,

Inc.

2,475,291

5,813

Trane

Technologies

PLC

2,501,160

1,697

TransDigm

Group,

Inc.

2,491,926

27,936

TransUnion

2,392,160

28,157

Uber

Technologies,

Inc.*

2,369,693

11,040

Union

Pacific

Corp.

2,447,126

31,088

United

Airlines

Holdings,

Inc.*

2,469,786

25,157

United

Parcel

Service,

Inc.,

Class

B

2,453,814

3,618

United

Rentals,

Inc.

2,562,919

24,473

Veralto

Corp.

2,472,507

7,656

Verisk

Analytics,

Inc.

2,405,056

25,270

Vertiv

Holdings

Co.,

Class

A

2,727,391

2,261

W.W.

Grainger,

Inc.

2,458,973

10,063

Waste

Management,

Inc.

2,424,881

4,977

Watsco,

Inc.

2,207,648

12,451

Westinghouse

Air

Brake

Technologies

Corp.

2,519,086

19,375

Xylem,

Inc.

2,442,025

188,845,718

Information

Technology

–

16.9%

7,704

Accenture

PLC,

Class

A

(Ireland)

2,440,781

6,158

Adobe,

Inc.*

2,556,124

23,779

Advanced

Micro

Devices,

Inc.*

2,633,049

29,320

Amphenol

Corp.,

Class

A

2,636,748

11,911

Analog

Devices,

Inc.

2,548,716

7,248

ANSYS,

Inc.*

2,397,783

12,121

Apple,

Inc.

2,434,503

15,399

Applied

Materials,

Inc.

2,413,793

8,028

AppLovin

Corp.,

Class

A*

3,155,004

28,052

Arista

Networks,

Inc.*

2,430,425

11,533

Atlassian

Corp.,

Class

A*

2,394,597

8,350

Autodesk,

Inc.*

2,472,602

11,695

Broadcom,

Inc.

2,831,009

7,663

Cadence

Design

Systems,

Inc.*

2,199,817

13,525

CDW

Corp.

2,439,369

39,589

Cisco

Systems,

Inc.

2,495,691

19,376

Cloudflare,

Inc.,

Class

A*

3,214,285

30,309

Cognizant

Technology

Solutions

Corp.,

Class

A

2,454,726

45,022

CoreWeave,

Inc.,

Class

A*

(a)

5,011,399

52,803

Corning,

Inc.

2,618,501

5,561

Crowdstrike

Holdings,

Inc.,

Class

A*

2,621,289

22,330

Datadog,

Inc.,

Class

A*

2,632,260

25,195

Dell

Technologies,

Inc.,

Class

C

2,803,448

28,777

Docusign,

Inc.*

2,549,930

8,869

F5,

Inc.*

2,531,035

1,137

Fair

Isaac

Corp.*

1,962,780

18,302

First

Solar,

Inc.*

2,893,180

22,198

Fortinet,

Inc.*

2,259,312

5,394

Gartner,

Inc.*

2,354,049

84,569

Gen

Digital,

Inc.

2,408,525

67,267

GLOBALFOUNDRIES,

Inc.*

2,408,159

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

12,970

GoDaddy,

Inc.,

Class

A*

$

2,362,485

11,074

Guidewire

Software,

Inc.*

2,381,131

143,836

Hewlett

Packard

Enterprise

Co.

2,485,486

91,771

HP,

Inc.

2,285,098

3,685

HubSpot,

Inc.*

2,173,781

118,179

Intel

Corp.

2,310,399

9,419

International

Business

Machines

Corp.

2,440,086

3,728

Intuit,

Inc.

2,808,936

15,547

Jabil,

Inc.

2,612,051

15,916

Keysight

Technologies,

Inc.*

2,499,449

3,469

KLA

Corp.

2,625,617

31,986

Lam

Research

Corp.

2,584,149

43,585

Marvell

Technology,

Inc.

2,623,381

49,394

Microchip

Technology,

Inc.

2,866,828

28,966

Micron

Technology,

Inc.

2,736,128

5,441

Microsoft

Corp.

2,504,819

6,021

MicroStrategy,

Inc.,

Class

A*

2,222,110

13,558

MongoDB,

Inc.*

2,560,157

3,764

Monolithic

Power

Systems,

Inc.

2,491,392

5,695

Motorola

Solutions,

Inc.

2,365,589

25,612

NetApp,

Inc.

2,539,686

32,449

Nutanix,

Inc.,

Class

A*

2,488,514

20,776

NVIDIA

Corp.

2,807,461

20,289

Okta,

Inc.*

2,093,216

61,751

ON

Semiconductor

Corp.*

2,594,777

15,916

Oracle

Corp.

2,634,575

21,790

Palantir

Technologies,

Inc.,

Class

A*

2,871,486

12,542

Palo

Alto

Networks,

Inc.*

2,413,332

14,696

PTC,

Inc.*

2,473,631

50,219

Pure

Storage,

Inc.,

Class

A*

2,691,236

16,558

QUALCOMM,

Inc.

2,404,222

4,120

Roper

Technologies,

Inc.

2,349,512

8,528

Salesforce,

Inc.

2,263,075

56,559

Samsara,

Inc.,

Class

A*

2,632,256

24,850

Seagate

Technology

Holdings

PLC

2,930,809

2,418

ServiceNow,

Inc.*

2,444,816

13,981

Snowflake,

Inc.,

Class

A*

2,875,472

76,487

Super

Micro

Computer,

Inc.*

3,061,010

4,923

Synopsys,

Inc.*

2,284,174

15,799

TE

Connectivity

PLC

(Switzerland)

2,528,946

4,907

Teledyne

Technologies,

Inc.*

2,447,906

14,437

Texas

Instruments,

Inc.

2,639,805

36,019

Trimble,

Inc.*

2,567,074

4,231

Tyler

Technologies,

Inc.*

2,441,245

6,842

Ubiquiti,

Inc.

2,704,574

8,276

VeriSign,

Inc.

2,254,962

53,156

Western

Digital

Corp.*

2,740,192

9,514

Workday,

Inc.,

Class

A*

2,356,713

30,273

Zoom

Communications,

Inc.,

Class

A*

2,459,681

10,168

Zscaler,

Inc.*

2,803,318

207,939,637

Materials

–

4.9%

8,832

Air

Products

and

Chemicals,

Inc.

2,463,333

13,797

Avery

Dennison

Corp.

2,452,141

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

46,434

Ball

Corp.

$

2,487,934

37,673

Corteva,

Inc.

2,667,248

25,672

CRH

PLC

2,340,259

82,216

Dow,

Inc.

2,280,672

36,445

DuPont

de

Nemours,

Inc.

2,434,526

9,321

Ecolab,

Inc.

2,475,844

63,544

Freeport-McMoRan,

Inc.

2,445,173

31,728

International

Flavors

&

Fragrances,

Inc.

2,429,096

52,888

International

Paper

Co.

2,528,575

5,264

Linde

PLC

2,461,341

42,207

LyondellBasell

Industries

NV,

Class

A

2,384,273

4,412

Martin

Marietta

Materials,

Inc.

2,415,791

43,636

Newmont

Corp.

2,300,490

20,446

Nucor

Corp.

2,235,975

13,085

Packaging

Corp.

of

America

2,527,629

21,967

PPG

Industries,

Inc.

2,433,944

7,951

Reliance,

Inc.

2,328,212

21,529

RPM

International,

Inc.

2,450,861

6,700

Sherwin-Williams

Co.

(The)

2,404,027

58,906

Smurfit

WestRock

PLC

2,552,397

26,918

Southern

Copper

Corp.

(Mexico)

2,447,115

18,039

Steel

Dynamics,

Inc.

2,220,060

8,867

Vulcan

Materials

Co.

2,350,376

60,517,292

Real

Estate

–

5.5%

32,727

Alexandria

Real

Estate

Equities,

Inc.

REIT

2,297,108

10,620

American

Tower

Corp.

REIT

2,279,583

11,310

AvalonBay

Communities,

Inc.

REIT

2,338,569

19,793

Camden

Property

Trust

REIT

2,325,480

18,860

CBRE

Group,

Inc.,

Class

A*

2,357,877

31,627

CoStar

Group,

Inc.*

2,326,482

22,182

Crown

Castle,

Inc.

REIT

2,225,964

14,098

Digital

Realty

Trust,

Inc.

REIT

2,418,089

2,694

Equinix,

Inc.

REIT

2,394,481

33,349

Equity

Residential

REIT

2,339,099

8,252

Essex

Property

Trust,

Inc.

REIT

2,342,743

15,934

Extra

Space

Storage,

Inc.

REIT

2,408,424

135,594

Healthpeak

Properties,

Inc.

REIT

2,360,692

67,474

Invitation

Homes,

Inc.

REIT

2,273,874

24,190

Iron

Mountain,

Inc.

REIT

2,387,795

113,857

Kimco

Realty

Corp.

REIT

2,420,600

14,282

Mid-America

Apartment

Communities,

Inc.

REIT

2,237,275

22,404

Prologis,

Inc.

REIT

2,433,074

7,875

Public

Storage

REIT

2,428,729

41,428

Realty

Income

Corp.

REIT

2,345,653

9,741

SBA

Communications

Corp.

REIT

2,258,841

14,574

Simon

Property

Group,

Inc.

REIT

2,376,582

18,984

Sun

Communities,

Inc.

REIT

2,343,385

35,410

Ventas,

Inc.

REIT

2,276,155

74,278

VICI

Properties,

Inc.

REIT

2,355,355

38,119

W.P.

Carey,

Inc.

REIT

2,392,348

15,584

Welltower,

Inc.

REIT

2,404,300

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

92,006

Weyerhaeuser

Co.

REIT

$

2,383,875

34,893

Zillow

Group,

Inc.,

Class

C*

2,341,669

68,074,101

Utilities

–

5.6%

38,272

Alliant

Energy

Corp.

2,381,667

23,688

Ameren

Corp.

2,294,893

21,916

American

Electric

Power

Co.,

Inc.

2,268,087

15,791

American

Water

Works

Co.,

Inc.

2,257,639

14,474

Atmos

Energy

Corp.

2,238,838

60,248

CenterPoint

Energy,

Inc.

2,243,635

31,848

CMS

Energy

Corp.

2,236,685

21,205

Consolidated

Edison,

Inc.

2,215,710

8,744

Constellation

Energy

Corp.

2,676,976

42,555

Dominion

Energy,

Inc.

2,411,592

17,007

DTE

Energy

Co.

2,324,007

19,286

Duke

Energy

Corp.

2,270,348

42,181

Edison

International

2,347,373

27,847

Entergy

Corp.

2,319,098

33,687

Evergy,

Inc.

2,237,154

37,714

Eversource

Energy

2,444,244

50,711

Exelon

Corp.

2,222,156

54,240

FirstEnergy

Corp.

2,274,826

34,946

NextEra

Energy,

Inc.

2,468,585

58,317

NiSource,

Inc.

2,305,854

19,913

NRG

Energy,

Inc.

3,104,437

137,243

PG&E

Corp.

2,316,662

64,780

PPL

Corp.

2,251,105

29,436

Public

Service

Enterprise

Group,

Inc.

2,385,199

31,037

Sempra

2,439,198

25,598

Southern

Co.

(The)

2,303,820

17,217

Vistra

Corp.

2,764,534

21,486

WEC

Energy

Group,

Inc.

2,308,456

32,912

Xcel

Energy,

Inc.

2,307,131

68,619,909

TOTAL

COMMON

STOCKS

(Cost

$1,086,910,907)

1,228,795,743

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

1,351,764

4.192%

1,351,764

(Cost

$1,351,764)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$1,088,262,671)

1,230,147,507

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

**End

swaps

header**

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.9%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

11,295,665

4.216%

$

11,295,665

(Cost

$11,295,665)

TOTAL

INVESTMENTS

–

100.8%

(Cost

$1,099,558,336)

$

1,241,443,172

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.8)%

(9,639,820)

NET

ASSETS

–

100.0%

$

1,231,803,352

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

HEDGE

INDUSTRY

VIP

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

99.8%

Communication

Services

–

12.1%

39,860

Alphabet,

Inc.,

Class

A

$

6,845,556

32,274

GCI

Liberty,

Inc.,

Class

A*

(a)

—

172,483

IAC,

Inc.*

6,202,489

10,150

Meta

Platforms,

Inc.,

Class

A

6,572,024

5,548

Netflix,

Inc.*

6,697,712

39,698

Sea

Ltd.

ADR

(Singapore)*

6,366,368

10,209

Spotify

Technology

SA*

6,790,414

39,474,563

Consumer

Discretionary

–

16.0%

52,747

Alibaba

Group

Holding

Ltd.

ADR

(China)

6,004,718

31,853

Amazon.com,

Inc.*

6,530,184

215,618

Caesars

Entertainment,

Inc.*

5,795,812

21,975

Carvana

Co.*

7,189,341

243,494

Coupang,

Inc.

(South

Korea)*

6,830,007

26,774

Flutter

Entertainment

PLC

(United

Kingdom)*

6,765,790

2,527

MercadoLibre,

Inc.

(Brazil)*

6,477,434

99,292

Somnigroup

International,

Inc.

6,459,937

52,053,223

Consumer

Staples

–

2.0%

79,574

Kellanova

6,575,199

Energy

–

7.9%

363,683

Energy

Transfer

LP

6,357,179

116,704

EQT

Corp.

6,433,891

57,283

Expand

Energy

Corp.

6,652,275

48,417

Hess

Corp.

6,400,243

25,843,588

Financials

–

15.8%

45,388

Apollo

Global

Management,

Inc.

5,931,758

147,259

Bank

of

America

Corp.

6,498,540

12,882

Berkshire

Hathaway,

Inc.,

Class

B*

6,492,013

33,091

Capital

One

Financial

Corp.

6,259,162

74,173

Charles

Schwab

Corp.

(The)

6,552,443

24,432

JPMorgan

Chase &

Co.

6,450,048

11,225

Mastercard,

Inc.,

Class

A

6,573,360

18,039

Visa,

Inc.,

Class

A

6,587,662

51,344,986

Health

Care

–

4.1%

8,912

Eli

Lilly

&

Co.

6,574,115

39,843

Tenet

Healthcare

Corp.*

6,724,303

13,298,418

Industrials

–

10.2%

57,535

AerCap

Holdings

NV

(Ireland)

6,658,526

1,136,589

Alight,

Inc.,

Class

A

6,205,776

15,306

GE

Vernova,

Inc.

7,239,432

4,650

TransDigm

Group,

Inc.

6,828,199

72,487

Uber

Technologies,

Inc.*

6,100,506

33,032,439

Information

Technology

–

23.7%

19,025

ANSYS,

Inc.*

6,293,851

30,908

Apple,

Inc.

6,207,872

17,827

AppLovin

Corp.,

Class

A*

7,006,011

28,092

Broadcom,

Inc.

6,800,230

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

180,237

Juniper

Networks,

Inc.

$

6,475,915

77,077

Lam

Research

Corp.

6,227,051

68,469

Micron

Technology,

Inc.

6,467,582

14,423

Microsoft

Corp.

6,639,772

48,471

NVIDIA

Corp.

6,549,886

22,477

Salesforce,

Inc.

5,964,721

33,649

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan)

6,505,025

23,790

Workday,

Inc.,

Class

A*

5,893,021

77,030,937

Materials

–

1.9%

66,804

CRH

PLC

6,089,853

Utilities

–

6.1%

376,896

PG&E

Corp.

6,362,005

26,697

Talen

Energy

Corp.*

6,512,733

42,979

Vistra

Corp.

6,901,138

19,775,876

TOTAL

COMMON

STOCKS

(Cost

$282,151,036)

324,519,082

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

347,811

4.192%

347,811

(Cost

$347,811)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$282,498,847)

$

324,866,893

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

272,544

NET

ASSETS

–

100.0%

$

325,139,437

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

GOLDMAN

SACHS

INDIA

EQUITY

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.4%

Communication

Services

–

3.5%

7,238

Bharti

Airtel

Ltd.

(India)

$

156,999

3,050

Info

Edge

India

Ltd.

(India)

50,878

2,040

PVR

Inox

Ltd.

(India)*

23,487

231,364

Consumer

Discretionary

–

18.6%

780

Amber

Enterprises

India

Ltd.

(India)*

59,169

3,280

Arvind

Fashions

Ltd.

(India)

17,649

4,950

ASK

Automotive

Ltd.

(India)

26,091

4,880

BrainBees

Solutions

Ltd.

(India)*

19,871

1,370

Cartrade

Tech

Ltd.

(India)*

24,862

3,910

Cello

World

Ltd.

(India)

28,148

351

Dixon

Technologies

India

Ltd.

(India)

60,262

58,906

Eternal

Ltd.

(India)*

164,042

450

Ethos

Ltd.

(India)*

14,984

4,510

Eureka

Forbes

Ltd.

(India)*

33,837

1,010

Ganesha

Ecosphere

Ltd.

(India)

18,109

5,069

Gokaldas

Exports

Ltd.

(India)*

58,693

3,290

Hyundai

Motor

India

Ltd.

(India)*

71,017

7,900

Kalyan

Jewellers

India

Ltd.

(India)

51,734

2,420

Landmark

Cars

Ltd.

(India)

12,980

4,640

Mahindra

&

Mahindra

Ltd.

(India)

161,406

1,980

Metro

Brands

Ltd.

(India)

27,920

1,680

Pearl

Global

Industries

Ltd.

(India)

28,584

6,780

Pricol

Ltd.

(India)*

35,633

36,796

Samvardhana

Motherson

International

Ltd.

(India)

65,839

1,990

SJS

Enterprises

Ltd.

(India)

25,637

6,250

Sona

Blw

Precision

Forgings

Ltd.

(India)

(a)

39,728

1,231

Trent

Ltd.

(India)*

81,182

2,770

TVS

Motor

Co.

Ltd.

(India)

90,012

1,850

Whirlpool

of

India

Ltd.

(India)

26,718

1,244,107

Consumer

Staples

–

5.4%

3,070

Bikaji

Foods

International

Ltd.

(India)

27,459

2,300

Colgate-Palmolive

India

Ltd.

(India)

66,007

4,970

Godrej

Consumer

Products

Ltd.

(India)

71,517

1,870

Medplus

Health

Services

Ltd.

(India)*

21,118

2,429

Nestle

India

Ltd.

(India)

68,015

8,130

Tata

Consumer

Products

Ltd.

(India)

105,103

359,219

Energy

–

4.5%

17,870

Reliance

Industries

Ltd.

(India)

296,716

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

(continued)

340

Siemens

Energy

India

Ltd.

(India)*

(b)

$

9,846

306,562

Financials

–

28.3%

4,190

360

ONE

WAM

Ltd.

(India)

48,838

1,450

Angel

One

Ltd.

(India)

51,436

8,100

AU

Small

Finance

Bank

Ltd.

(India)

(a)

65,600

11,630

Axis

Bank

Ltd.

(India)

162,025

1,591

Bajaj

Finance

Ltd.

(India)

170,683

4,589

Five-Star

Business

Finance

Ltd.

(India)*

38,034

11,966

Go

Digit

General

Insurance

Ltd.

(India)*

48,241

11,220

HDFC

Bank

Ltd.

(India)*

255,002

3,508

Home

First

Finance

Co.

India

Ltd.

(India)

(a)

52,258

26,186

ICICI

Bank

Ltd.

(India)

442,416

68,588

IDFC

First

Bank

Ltd.

(India)*

54,478

3,450

India

Shelter

Finance

Corp.

Ltd.

(India)*

35,209

2,440

Kfin

Technologies

Ltd.

(India)

30,757

5,809

Kotak

Mahindra

Bank

Ltd.

(India)

140,835

630

Nuvama

Wealth

Management

Ltd.

(India)

52,966

4,040

PB

Fintech

Ltd.

(India)*

83,165

11,026

REC

Ltd.

(India)

51,835

4,590

SBI

Life

Insurance

Co.

Ltd.

(India)

(a)

97,201

3,550

Spandana

Sphoorty

Financial

Ltd.

(India)*

12,026

1,893,005

Health

Care

–

8.9%

2,060

Aether

Industries

Ltd.

(India)*

17,938

990

Apollo

Hospitals

Enterprise

Ltd.

(India)

79,599

3,496

Cohance

Lifesciences

Ltd.

(India)*

42,802

871

Divi's

Laboratories

Ltd.

(India)

67,298

2,030

Jupiter

Life

Line

Hospitals

Ltd.

(India)

34,748

5,707

Laurus

Labs

Ltd.

(India)

(a)

40,654

2,550

Laxmi

Dental

Ltd.

(India)*

11,435

5,130

Medi

Assist

Healthcare

Services

Ltd.

(India)

(a)

29,695

560

Pfizer

Ltd.

(India)

36,733

3,670

SAI

Life

Sciences

Ltd.

(India)*

(a)

32,463

6,370

Sun

Pharmaceutical

Industries

Ltd.

(India)

124,876

2,130

Torrent

Pharmaceuticals

Ltd.

(India)

79,020

597,261

Industrials

–

8.2%

6,050

Afcons

Infrastructure

Ltd.

(India)*

29,909

5,990

CMS

Info

Systems

Ltd.

(India)

34,442

GOLDMAN

SACHS

INDIA

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

680

Computer

Age

Management

Services

Ltd.

(India)

$

31,476

499

Craftsman

Automation

Ltd.

(India)*

32,680

640

Doms

Industries

Ltd.

(India)

18,306

2,590

INOX

India

Ltd.

(India)*

36,136

1,670

JNK

India

Ltd.

(India)

6,919

2,150

Kajaria

Ceramics

Ltd.

(India)

26,123

720

KEI

Industries

Ltd.

(India)

30,375

5,230

Praj

Industries

Ltd.

(India)

29,332

1,212

Siemens

Ltd.

(India)

46,251

85,886

Suzlon

Energy

Ltd.

(India)*

71,740

7,835

TD

Power

Systems

Ltd.

(India)

47,692

3,720

Techno

Electric

&

Engineering

Co.

Ltd.

(India)

61,285

7,757

Transformers

&

Rectifiers

India

Ltd.

(India)

47,281

549,947

Information

Technology

–

10.0%

1,580

AurionPro

Solutions

Ltd.

(India)

24,558

789

Coforge

Ltd.

(India)

78,835

640

Cognizant

Technology

Solutions

Corp.,

Class

A

51,834

13,200

Infosys

Ltd.

(India)

241,048

1,650

Infosys

Ltd.

ADR

(India)

30,013

1,091

Netweb

Technologies

India

Ltd.

(India)

25,487

4,560

Newgen

Software

Technologies

Ltd.

(India)

65,921

1,020

Persistent

Systems

Ltd.

(India)

67,201

3,830

R

Systems

International

Ltd.

(India)

16,401

2,345

Rategain

Travel

Technologies

Ltd.

(India)*

12,161

5,309

Zensar

Technologies

Ltd.

(India)

51,682

665,141

Materials

–

8.3%

1,790

Aditya

Birla

Real

Estate

Ltd.

(India)

45,562

2,870

APL

Apollo

Tubes

Ltd.

(India)

60,761

4,020

Archean

Chemical

Industries

Ltd.

(India)

29,407

2,037

Grasim

Industries

Ltd.

(India)

60,600

2,188

Gravita

India

Ltd.

(India)

46,787

10,960

Hindalco

Industries

Ltd.

(India)

81,135

4,440

JK

Lakshmi

Cement

Ltd.

(India)

43,938

940

Navin

Fluorine

International

Ltd.

(India)

46,807

168

Shree

Cement

Ltd.

(India)

58,101

38,206

Tata

Steel

Ltd.

(India)

71,889

800

Tatva

Chintan

Pharma

Chem

Pvt

Ltd.

(India)

8,443

553,430

Real

Estate

–

2.2%

2,870

Awfis

Space

Solutions

Ltd.

(India)*

21,619

3,980

Brigade

Enterprises

Ltd.

(India)

50,899

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

2,850

Godrej

Properties

Ltd.

(India)*

$

74,728

147,246

Utilities

–

1.5%

2,154

Acme

Solar

Holdings

Ltd.

(India)

6,634

37,906

NHPC

Ltd.

(India)

38,719

40,126

NTPC

Green

Energy

Ltd.

(India)*

52,169

97,522

TOTAL

COMMON

STOCKS

(Cost

$6,375,676)

6,644,804

Shares

Dividend

Rate

Value

aa

Investment

Company

–

1.2%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

-

Institutional

Shares

80,792

4.192%

80,792

(Cost

$80,792)

TOTAL

INVESTMENTS

–

100.6%

(Cost

$6,456,468)

$

6,725,596

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.6)%

(42,248)

NET

ASSETS

–

100.0%

$

6,683,348

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

–

Shares

Description

Value

aa

Common

Stocks

–

99.7%

Communication

Services

–

11.7%

24,885

Alphabet,

Inc.,

Class

A

$

4,273,750

57,586

AMC

Entertainment

Holdings,

Inc.,

Class

A*

205,006

35,912

Baidu,

Inc.,

Class

A

(China)*

373,933

14,877

Bilibili,

Inc.,

Class

Z

(China)*

279,078

21,881

Comcast

Corp.,

Class

A

756,426

2,645

CTS

Eventim

AG

&

Co.

KGaA

(Germany)

320,392

3,644

Electronic

Arts,

Inc.

523,934

17,439

GREE

Holdings,

Inc.

(Japan)

63,329

8,425

Grindr,

Inc.

(Singapore)*

205,738

25,243

Hello

Group,

Inc.

ADR

(China)

153,225

3,569

IDT

Corp.,

Class

B

219,815

77,766

iQIYI,

Inc.

ADR

(China)*

124,426

4,129

Iridium

Communications,

Inc.

104,877

4,546

JOYY,

Inc.

ADR

(China)

217,662

66,594

Kuaishou

Technology

(China)*

(a)

452,648

3,440

Live

Nation

Entertainment,

Inc.*

471,934

3,602

Madison

Square

Garden

Entertainment

Corp.*

133,670

881

Madison

Square

Garden

Sports

Corp.*

167,293

7,496

Match

Group,

Inc.

224,430

5,918

Meta

Platforms,

Inc.,

Class

A

3,831,846

6,836

MIXI,

Inc.

(Japan)

157,996

32,118

NetEase,

Inc.

(China)

781,083

1,165

Netflix,

Inc.*

1,406,423

103,608

Newborn

Town,

Inc.

(China)*

130,013

33,429

Playtika

Holding

Corp.

158,453

27,095

Rightmove

PLC

(United

Kingdom)

272,289

22,668

Rumble,

Inc.*

(b)

204,239

9,389

Sea

Ltd.

ADR

(Singapore)*

1,505,714

35,234

Snap,

Inc.,

Class

A*

290,680

1,311

SOOP

Co.

Ltd.

(South

Korea)

80,483

4,395

Sphere

Entertainment

Co.*

165,692

805

Spotify

Technology

SA*

535,438

2,319

Take-Two

Interactive

Software,

Inc.*

524,743

43,066

Tencent

Holdings

Ltd.

(China)

2,736,128

23,449

Tencent

Music

Entertainment

Group,

Class

A

(China)

202,895

2,132

TKO

Group

Holdings,

Inc.

336,451

9,299

Ubisoft

Entertainment

SA

(France)*

106,412

19,720

VTEX,

Class

A

(Brazil)*

126,405

9,742

Walt

Disney

Co.

(The)

1,101,236

36,150

Warner

Bros

Discovery,

Inc.*

360,416

11,665

Weibo

Corp.,

Class

A

(China)

106,883

19,377

Yalla

Group

Ltd.

ADR

(United

Arab

Emirates)*

133,701

3,469

Ziff

Davis,

Inc.*

112,534

24,639,719

Consumer

Discretionary

–

15.5%

4,160

Academy

Sports

&

Outdoors,

Inc.

170,186

1,669

adidas

AG

(Germany)

415,894

3,876

Airbnb,

Inc.,

Class

A*

500,004

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

14,701

Alibaba

Group

Holding

Ltd.

ADR

(China)

$

1,673,562

21,486

Amazon.com,

Inc.*

4,404,845

26,030

ANTA

Sports

Products

Ltd.

(China)

316,846

7,465

Aptiv

PLC

(Jersey)*

498,737

13,267

Bandai

Namco

Holdings,

Inc.

(Japan)

422,573

125

Booking

Holdings,

Inc.

689,866

10,316

BorgWarner,

Inc.

341,356

5,620

Caesars

Entertainment,

Inc.*

151,066

1,193

Carvana

Co.*

390,302

5,812

Chewy,

Inc.,

Class

A*

262,993

3,070

Columbia

Sportswear

Co.

195,805

17,458

Coursera,

Inc.*

154,503

2,040

Deckers

Outdoor

Corp.*

215,261

1,479

Dick's

Sporting

Goods,

Inc.

265,244

21,639

D-MARKET

Elektronik

Hizmetler

ve

Ticaret

AS

ADR

(Turkey)*

57,560

566

Duolingo,

Inc.*

294,099

5,796

eBay,

Inc.

424,093

4,496

Etsy,

Inc.*

248,854

13,468

Everi

Holdings,

Inc.*

190,033

1,778

Expedia

Group,

Inc.

296,481

8,127

Foot

Locker,

Inc.*

193,098

68,918

Ford

Motor

Co.

715,369

9,083

GameStop

Corp.,

Class

A*

(b)

270,673

15,638

General

Motors

Co.

775,801

158

Graham

Holdings

Co.,

Class

B

150,797

1,112

Grand

Canyon

Education,

Inc.*

220,004

12,644

Hesai

Group

ADR

(China)*

238,466

57,294

Honda

Motor

Co.

Ltd.

(Japan)

582,886

2,156

InterContinental

Hotels

Group

PLC

(United

Kingdom)

246,961

227,298

JD

Sports

Fashion

PLC

(United

Kingdom)

257,847

27,882

JD.com,

Inc.,

Class

A

(China)

458,326

10,658

Las

Vegas

Sands

Corp.

438,683

37,832

Li

Auto,

Inc.,

Class

A

(China)*

541,798

91,607

Li

Ning

Co.

Ltd.

(China)

175,000

128,570

Lucid

Group,

Inc.*

(b)

286,711

1,519

Lululemon

Athletica,

Inc.*

481,022

19,447

Macy’s,

Inc.

231,225

701

MercadoLibre,

Inc.

(Brazil)*

1,796,866

46,896

Metaplanet,

Inc.

(Japan)*

(b)

346,776

10,240

MGM

Resorts

International*

324,096

41,575

Minieye

Technology

Co.

Ltd.

(China)*

126,715

14,798

Mobileye

Global,

Inc.,

Class

A

(Israel)*

240,467

55,369

New

Oriental

Education

&

Technology

Group,

Inc.

(China)

262,668

9,912

NIKE,

Inc.,

Class

B

600,568

94,285

NIO,

Inc.,

Class

A

(China)*

337,868

4,958

On

Holding

AG,

Class

A

(Switzerland)*

294,456

5,137

PDD

Holdings,

Inc.

ADR

(China)*

495,772

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

15,313

Pearson

PLC

(United

Kingdom)

$

240,577

27,832

Peloton

Interactive,

Inc.,

Class

A*

197,607

7,603

Penn

Entertainment,

Inc.*

112,752

2,555

Planet

Fitness,

Inc.,

Class

A*

262,731

12,609

Playtech

PLC

(United

Kingdom)

53,987

9,189

Prosus

NV

(China)*

471,518

29,031

Rivian

Automotive,

Inc.,

Class

A*

421,820

49,811

Sabre

Corp.*

125,524

22,097

Sharp

Corp.

(Japan)*

113,337

30,363

Sony

Group

Corp.

(Japan)

801,712

1,704

Stride,

Inc.*

257,969

22,852

TAL

Education

Group

ADR

(China)*

224,635

7,469

Tesla,

Inc.*

2,587,710

60,505

Toyota

Motor

Corp.

(Japan)

1,161,082

15,293

Udemy,

Inc.*

111,945

1,018

Ulta

Beauty,

Inc.*

479,946

20,510

Vinfast

Auto

Ltd.

(Vietnam)*

(b)

66,658

3,995

Wayfair,

Inc.,

Class

A*

164,754

28,206

WeRide,

Inc.

ADR

(China)*

279,239

49,064

XPeng,

Inc.,

Class

A

(China)*

477,716

38,566

Yamaha

Motor

Co.

Ltd.

(Japan)

296,672

32,580,973

Consumer

Staples

–

1.2%

484,274

Alibaba

Health

Information

Technology

Ltd.

(China)*

(b)

279,761

82,713

East

Buy

Holding

Ltd.

(China)*

(a)

137,125

2,503

Natural

Grocers

by

Vitamin

Cottage,

Inc.

122,222

5,239

Target

Corp.

492,518

14,735

Walmart,

Inc.

1,454,639

2,486,265

Energy

–

1.2%

338,831

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H

(China)

183,209

16,606

Enbridge,

Inc.

(Canada)

771,392

24,196

Equinor

ASA

ADR

(Norway)

568,364

13,153

Oceaneering

International,

Inc.*

250,828

14,372

TotalEnergies

SE

(France)

842,875

2,616,668

Financials

–

14.7%

10,159

3i

Group

PLC

(United

Kingdom)

557,861

277

Adyen

NV

(Netherlands)*

(a)

531,319

6,753

Affirm

Holdings,

Inc.*

350,481

2,298

American

Express

Co.

675,727

975

Ameriprise

Financial,

Inc.

496,509

5,319

Apollo

Global

Management,

Inc.

695,140

3,606

Ares

Management

Corp.,

Class

A

596,793

16,201

AvidXchange

Holdings,

Inc.*

158,608

19,081

BGC

Group,

Inc.,

Class

A

177,072

1,100

Blackrock,

Inc.

1,077,879

6,414

Blackstone,

Inc.

890,007

19,435

Block,

Inc.*

1,200,111

4,015

Bread

Financial

Holdings,

Inc.

205,729

14,482

Cantaloupe,

Inc.*

121,214

9,972

Carlyle

Group,

Inc.

(The)

450,734

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

8,825

CI

Financial

Corp.

(Canada)

$

201,731

3,394

Coinbase

Global,

Inc.,

Class

A*

837,028

1,003

Corpay,

Inc.*

326,085

23,014

CVC

Capital

Partners

PLC

(Luxembourg)

(a)

427,694

3,080

Eurazeo

SE

(France)

215,214

2,872

Euronet

Worldwide,

Inc.*

310,980

1,178

Evercore,

Inc.,

Class

A

272,695

5,508

EVERTEC,

Inc.

(Puerto

Rico)

199,555

954

FactSet

Research

Systems,

Inc.

437,180

5,127

Fidelity

National

Information

Services,

Inc.

408,160

4,707

Fiserv,

Inc.*

766,253

15,543

Flywire

Corp.*

167,087

10,062

Galaxy

Digital,

Inc.,

Class

A*

(b)

182,367

10,775

GCM

Grosvenor,

Inc.,

Class

A

135,873

10,740

GMO

Financial

Holdings,

Inc.

(Japan)

60,140

2,024

Goldman

Sachs

Group,

Inc.

(The)

(c)

1,215,311

10,017

Hercules

Capital,

Inc.

(b)

176,600

6,996

Integral

Corp.

(Japan)

131,004

2,872

Interactive

Brokers

Group,

Inc.,

Class

A

602,201

5,180

Intercontinental

Exchange,

Inc.

931,364

20,625

Invesco

Ltd.

298,237

2,208

Jack

Henry

&

Associates,

Inc.

400,023

7,587

Japan

Securities

Finance

Co.

Ltd.

(Japan)

90,700

7,669

KKR

&

Co.,

Inc.

931,477

5,163

Lazard,

Inc.

224,074

51,565

Marqeta,

Inc.,

Class

A*

277,420

2,803

Mastercard,

Inc.,

Class

A

1,641,437

28,622

Mirae

Asset

Securities

Co.

Ltd.

(South

Korea)

322,586

8,286

Morgan

Stanley

1,060,857

1,190

MSCI,

Inc.

671,184

4,310

Northern

Trust

Corp.

460,049

71,426

OSL

Group

Ltd.

(China)*

111,490

22,690

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)

202,168

12,052

PayPal

Holdings,

Inc.*

847,015

15,631

Paysafe

Ltd.*

193,043

9,694

Robinhood

Markets,

Inc.,

Class

A*

641,258

1,794

S&P

Global,

Inc.

920,071

2,900

Sezzle,

Inc.*

309,459

32,285

SoFi

Technologies,

Inc.*

429,390

4,164

State

Street

Corp.

400,910

19,903

StoneCo

Ltd.,

Class

A

(Brazil)*

271,676

9,341

Toast,

Inc.,

Class

A*

394,003

3,258

Tradeweb

Markets,

Inc.,

Class

A

470,618

17,869

Up

Fintech

Holding

Ltd.

ADR

(China)*

144,918

3,876

Virtu

Financial,

Inc.,

Class

A

155,776

4,842

Visa,

Inc.,

Class

A

1,768,250

1,986

WEX,

Inc.*

263,999

23,677

WisdomTree,

Inc.

223,511

13,498

XP,

Inc.,

Class

A

(Brazil)

261,321

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

103,349

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H

(China)*

(a)

$

253,840

131,830

Zip

Co.

Ltd.

(Australia)*

168,406

30,998,872

Health

Care

–

19.4%

13,555

10X

Genomics,

Inc.,

Class

A*

129,179

9,715

Abbott

Laboratories

1,297,730

6,146

AbbVie,

Inc.

1,143,832

19,451

AdaptHealth

Corp.*

174,670

21,206

Adaptive

Biotechnologies

Corp.*

201,881

4,597

Agilent

Technologies,

Inc.

514,496

3,195

Amgen,

Inc.

920,735

7,264

AstraZeneca

PLC

(United

Kingdom)

1,050,118

12,196

Baxter

International,

Inc.

371,978

7,217

Beam

Therapeutics,

Inc.*

114,245

8,305

Beta

Bionics,

Inc.*

(b)

143,178

3,902

Biogen,

Inc.*

506,441

5,188

BioNTech

SE

ADR

(Germany)*

497,062

6,591

Bio-Techne

Corp.

319,004

6,341

Boston

Scientific

Corp.*

667,454

16,318

Bristol-Myers

Squibb

Co.

787,833

11,257

CareDx,

Inc.*

191,256

7,175

Castle

Biosciences,

Inc.*

114,585

3,563

CompuGroup

Medical

SE

&

Co.

KgaA

(Germany)*

89,311

8,104

CRISPR

Therapeutics

AG

(Switzerland)*

294,094

3,228

Danaher

Corp.

612,997

1,959

DaVita,

Inc.*

266,933

7,888

Dexcom,

Inc.*

676,790

5,342

Edwards

Lifesciences

Corp.*

417,851

2,184

Eli

Lilly

&

Co.

1,611,071

7,822

Exact

Sciences

Corp.*

440,222

8,788

Exelixis,

Inc.*

378,236

4,932

Fulgent

Genetics,

Inc.*

102,191

5,334

Galapagos

NV

(Belgium)*

(b)

155,382

8,144

GE

HealthCare

Technologies,

Inc.

574,478

2,150

GeneDx

Holdings

Corp.*

153,123

8,172

Gilead

Sciences,

Inc.

899,574

3,013

Globus

Medical,

Inc.,

Class

A*

178,309

33,979

GSK

PLC

690,544

7,656

Guardant

Health,

Inc.*

310,987

69,236

HUTCHMED

China

Ltd.

(China)*

198,220

11,356

Ideaya

Biosciences,

Inc.*

225,871

6,078

Illumina,

Inc.*

499,855

73,684

ImmunityBio,

Inc.*

(b)

195,999

5,565

Incyte

Corp.*

362,059

2,015

Insulet

Corp.*

654,935

18,696

Intellia

Therapeutics,

Inc.*

128,442

1,924

Intuitive

Surgical,

Inc.*

1,062,702

41,434

Iovance

Biotherapeutics,

Inc.*

72,510

1,771

iRhythm

Technologies,

Inc.*

248,826

9,673

Johnson &

Johnson

1,501,346

8,018

Kestra

Medical

Technologies

Ltd.*

180,565

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

28,963

Keymed

Biosciences,

Inc.

(China)*

(a)

$

162,885

20,698

Koninklijke

Philips

NV

(Netherlands)

475,823

16,046

Kura

Oncology,

Inc.*

91,302

17,844

M3,

Inc.

(Japan)

251,964

44,168

MannKind

Corp.*

183,297

1,508

Masimo

Corp.*

245,050

11,890

Medtronic

PLC

986,632

13,684

MeiraGTx

Holdings

PLC*

70,062

12,494

Merck &

Co.,

Inc.

960,039

135,882

Mesoblast

Ltd.

(Australia)*

(b)

148,660

250,144

Microport

Scientific

Corp.

(China)*

235,102

16,002

Moderna,

Inc.*

425,013

23,905

Myriad

Genetics,

Inc.*

100,162

2,566

Natera,

Inc.*

404,735

10,691

Novartis

AG

1,223,632

17,231

Novo

Nordisk

A/S

ADR

(Denmark)

1,232,017

20,652

Ono

Pharmaceutical

Co.

Ltd.

(Japan)

224,060

43,904

Pfizer,

Inc.

1,031,305

103,349

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(China)

(a)

201,385

8,444

PHC

Holdings

Corp.

(Japan)

54,481

4,327

PROCEPT

BioRobotics

Corp.*

250,966

6,822

QIAGEN

NV*

307,877

1,257

Regeneron

Pharmaceuticals,

Inc.

616,282

12,057

REGENXBIO,

Inc.*

106,704

18,285

ResMed,

Inc.

CDI

446,217

6,180

REVOLUTION

Medicines,

Inc.*

243,492

3,032

Revvity,

Inc.

274,153

3,651

Roche

Holding

AG

1,179,892

22,308

Rocket

Pharmaceuticals,

Inc.*

55,993

7,552

Sanofi

SA

750,345

4,950

Sarepta

Therapeutics,

Inc.*

186,120

73,848

Shanghai

MicroPort

MedBot

Group

Co.

Ltd.

(China)*

(b)

148,420

8,185

Siemens

Healthineers

AG

(Germany)

(a)

432,823

23,814

Smith

&

Nephew

PLC

(United

Kingdom)

345,069

2,355

Stryker

Corp.

901,117

8,637

Takara

Bio,

Inc.

(Japan)

47,347

10,582

Tandem

Diabetes

Care,

Inc.*

209,735

40,482

Taysha

Gene

Therapies,

Inc.*

109,706

19,806

Teladoc

Health,

Inc.*

137,058

1,368

Thermo

Fisher

Scientific,

Inc.

551,058

3,756

Twist

Bioscience

Corp.*

110,051

906

UFP

Technologies,

Inc.*

212,185

7,134

Ultragenyx

Pharmaceutical,

Inc.*

242,770

8,616

uniQure

NV

(Netherlands)*

124,674

7,853

Veracyte,

Inc.*

208,968

3,498

Verona

Pharma

PLC

ADR

(United

Kingdom)*

284,038

2,087

Vertex

Pharmaceuticals,

Inc.*

922,558

84,495

Well

Health

Technologies

Corp.

(Canada)*

251,958

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

461

Ypsomed

Holding

AG

(Switzerland)

$

227,821

2,813

Zimmer

Biomet

Holdings,

Inc.

259,274

41,181,377

Industrials

–

7.0%

16,673

ABB

Ltd.

(Switzerland)

944,509

2,206

AeroVironment,

Inc.*

392,734

8,878

American

Superconductor

Corp.*

250,892

527

CACI

International,

Inc.,

Class

A*

225,556

4,748

CS

Wind

Corp.

(South

Korea)

169,830

3,182

Daihen

Corp.

(Japan)

134,738

6,934

Deluxe

Corp.

98,948

1,491

Doosan

Co.

Ltd.

(South

Korea)

527,367

24,714

Doosan

Enerbility

Co.

Ltd.

(South

Korea)*

722,773

6,367

Doosan

Robotics,

Inc.

(South

Korea)*

217,817

9,535

EHang

Holdings

Ltd.

ADR

(China)*

(b)

154,658

2,732

Exail

Technologies

SA

(France)*

208,421

5,189

ExlService

Holdings,

Inc.*

238,642

19,660

FANUC

Corp.

(Japan)

527,010

472,871

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

(China)

366,644

5,257

Kawasaki

Heavy

Industries

Ltd.

(Japan)

369,970

3,648

Korea

Aerospace

Industries

Ltd.

(South

Korea)

221,043

9,942

Kratos

Defense &

Security

Solutions,

Inc.*

366,760

1,730

L3Harris

Technologies,

Inc.

422,708

836

LIG

Nex1

Co.

Ltd.

(South

Korea)

259,943

3,386

Liquidity

Services,

Inc.*

79,131

2,091

Lockheed

Martin

Corp.

1,008,657

21,194

Lyft,

Inc.,

Class

A*

322,997

11,994

MDA

Space

Ltd.*

247,652

7,285

MEITEC

Group

Holdings,

Inc.

(Japan)

162,669

24,064

Mitsubishi

Electric

Corp.

(Japan)

484,299

18,459

NIDEC

Corp.

(Japan)

359,470

16,603

Nordex

SE

(Germany)*

336,824

3,326

Parsons

Corp.*

215,658

140,655

Plug

Power,

Inc.*

(b)

124,156

3,520

PNE

AG

(Germany)

(b)

61,140

5,006

Proto

Labs,

Inc.*

185,122

1,438

Rainbow

Robotics

(South

Korea)*

275,677

7,352

Siemens

Energy

AG

(Germany)*

713,614

7,175

SK

oceanplant

Co.

Ltd.

(South

Korea)*

99,952

6,463

SS&C

Technologies

Holdings,

Inc.

522,275

18,472

Stratasys

Ltd.*

190,816

24,878

Sunrun,

Inc.*

186,336

6,860

Symbotic,

Inc.*

(b)

196,676

4,693

Textron,

Inc.

347,423

8,585

Uber

Technologies,

Inc.*

722,514

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

19,114

UBTech

Robotics

Corp.

Ltd.

(China)*

$

204,021

1,376

Verisk

Analytics,

Inc.

432,257

7,105

Xometry,

Inc.,

Class

A*

235,531

12,480

Yaskawa

Electric

Corp.

(Japan)

295,102

2,463

Yuil

Robotics

Co.

Ltd.

(South

Korea)*

126,747

14,957,679

Information

Technology

–

26.8%

6,036

ACI

Worldwide,

Inc.*

279,225

1,828

Adobe,

Inc.*

758,784

8,284

Advanced

Micro

Devices,

Inc.*

917,287

2,039

Ahnlab,

Inc.

(South

Korea)

91,479

2,608

Akamai

Technologies,

Inc.*

198,025

2,321

Alarm.com

Holdings,

Inc.*

133,225

7,670

Alkami

Technology,

Inc.*

219,669

8,970

Ambarella,

Inc.*

472,181

10,542

Appier

Group,

Inc.

(Japan)*

113,095

19,878

Apple,

Inc.

3,992,496

6,160

Arista

Networks,

Inc.*

533,702

2,478

ASGN,

Inc.*

130,863

38,285

Aurora

Innovation,

Inc.*

232,007

2,562

Autodesk,

Inc.*

758,659

20,296

Beijing

Fourth

Paradigm

Technology

Co.

Ltd.

(China)*

(b)

111,425

31,053

BigBear.ai

Holdings,

Inc.*

(b)

129,180

17,395

Bitdeer

Technologies

Group,

Class

A*

(b)

223,700

65,075

Bitfarms

Ltd.

(Canada)*

(b)

59,634

65,319

Black

Sesame

International

Holding

Ltd.

(China)*

155,102

54,571

BlackBerry

Ltd.

(Canada)*

216,101

7,094

Broadcom,

Inc.

1,717,245

59,603

BYD

Electronic

International

Co.

Ltd.

(China)

236,769

8,607

C3.ai,

Inc.,

Class

A*

228,860

16,911

Canadian

Solar,

Inc.

(Canada)*

(b)

178,073

4,887

CEVA,

Inc.*

91,680

1,533

Check

Point

Software

Technologies

Ltd.

(Israel)*

350,873

2,431

Ciena

Corp.*

194,626

42,212

Cipher

Mining,

Inc.*

131,701

16,046

Cisco

Systems,

Inc.

1,011,540

23,079

Cleanspark,

Inc.*

199,172

3,055

Cloudflare,

Inc.,

Class

A*

506,794

10,624

Cognex

Corp.

318,401

10,015

CompoSecure,

Inc.,

Class

A*

137,306

22,444

Core

Scientific,

Inc.*

239,029

5,886

Corning,

Inc.

291,887

1,610

Crowdstrike

Holdings,

Inc.,

Class

A*

758,906

925

CyberArk

Software

Ltd.*

354,071

16,406

Dassault

Systemes

(France)

614,623

5,075

Digi

International,

Inc.*

164,481

165,521

Digital

China

Holdings

Ltd.

(Hong

Kong)

66,069

3,716

Docusign,

Inc.*

329,275

1,191

EPAM

Systems,

Inc.*

207,818

11,800

Extreme

Networks,

Inc.*

184,906

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

3,225

First

Solar,

Inc.*

$

509,808

5,967

Fortinet,

Inc.*

607,321

8,339

Gen

Digital,

Inc.

237,495

1,510

Globant

SA*

148,116

6,108

GMO

internet

group,

Inc.

(Japan)

148,536

23,653

Hewlett

Packard

Enterprise

Co.

408,724

411,600

Horizon

Robotics

(China)*

373,726

21,403

HP,

Inc.

532,935

480

HubSpot,

Inc.*

283,152

9,633

Hut

8

Corp.

(Canada)*

(b)

146,427

80,052

Intel

Corp.

1,565,017

1,153

InterDigital,

Inc.

250,501

3,795

International

Business

Machines

Corp.

983,133

18,937

IREN,

Ltd.

(Australia)*

158,881

1,553

Itron,

Inc.*

179,527

7,169

Juniper

Networks,

Inc.

257,582

1,261

Keyence

Corp.

(Japan)

530,809

2,757

Keysight

Technologies,

Inc.*

432,959

21,192

MARA

Holdings,

Inc.*

299,231

7,778

Marvell

Technology,

Inc.

468,158

10,013

MaxLinear,

Inc.*

114,048

7,355

Micron

Technology,

Inc.

694,753

9,378

Microsoft

Corp.

4,317,256

2,161

MicroStrategy,

Inc.,

Class

A*

797,539

886

Motorola

Solutions,

Inc.

368,027

1,822

Nagarro

SE

(Germany)*

120,176

6,124

nCino,

Inc.*

161,061

16,534

NCR

Voyix

Corp.*

183,362

2,027

Nemetschek

SE

(Germany)

281,431

4,269

NETGEAR,

Inc.*

125,210

5,756

NetScout

Systems,

Inc.*

131,467

1,641

Nice

Ltd.

ADR

(Israel)*

272,291

84,019

Nokia

OYJ

ADR

(Finland)

438,579

2,922

Northern

Data

AG

(Germany)*

(b)

92,152

2,503

Novanta,

Inc.*

309,921

35,649

NVIDIA

Corp.

4,817,249

2,364

NXP

Semiconductors

NV

(Netherlands)

451,831

3,095

Okta,

Inc.*

319,311

4,966

OneSpan,

Inc.

79,108

10,398

Open

Text

Corp.

(Canada)

294,367

4,235

Oracle

Corp.

701,020

961

OSI

Systems,

Inc.*

210,565

6,049

Palantir

Technologies,

Inc.,

Class

A*

797,137

3,435

Palo

Alto

Networks,

Inc.*

660,963

91,630

PAX

Global

Technology

Ltd.

(Hong

Kong)

55,855

1,598

PTC,

Inc.*

268,975

3,880

Q2

Holdings,

Inc.*

339,578

3,720

Qorvo,

Inc.*

282,794

5,746

QUALCOMM,

Inc.

834,319

1,319

Qualys,

Inc.*

182,747

4,308

Rapid7,

Inc.*

98,869

26,329

Red

Cat

Holdings,

Inc.*

(b)

156,658

25,559

Ribbon

Communications,

Inc.*

86,389

5,046

RingCentral,

Inc.,

Class

A*

130,843

32,071

Riot

Platforms,

Inc.*

258,813

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

36,157

RoboSense

Technology

Co.

Ltd.

(China)*

$

158,156

3,031

Salesforce,

Inc.

804,336

2,593

SAP

SE

(Germany)

782,731

2,602

ScanSource,

Inc.*

105,069

16,099

Seiko

Epson

Corp.

(Japan)

211,593

6,006

Semtech

Corp.*

224,204

12,158

SentinelOne,

Inc.,

Class

A*

214,102

757

ServiceNow,

Inc.*

765,395

7,997

Shopify,

Inc.,

Class

A

(Canada)*

852,889

1,849

Silicon

Laboratories,

Inc.*

222,860

4,812

Skyworks

Solutions,

Inc.

332,172

3,296

Snowflake,

Inc.,

Class

A*

677,888

9,900

SolarEdge

Technologies,

Inc.*

176,814

912

Sopra

Steria

Group

(France)*

196,509

13,952

SoundHound

AI,

Inc.,

Class

A*

141,055

5,524

Sprout

Social,

Inc.,

Class

A*

120,589

9,652

STMicroelectronics

NV

(Singapore)

242,214

6,667

Super

Micro

Computer,

Inc.*

266,813

1,922

Synaptics,

Inc.*

112,937

6,955

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan)

1,344,541

6,089

Tenable

Holdings,

Inc.*

196,188

8,603

Teradyne,

Inc.

676,196

49,505

Terawulf,

Inc.*

174,753

42,685

Tuya,

Inc.

ADR

(China)

103,298

24,035

UiPath,

Inc.,

Class

A*

319,906

4,095

Varonis

Systems,

Inc.*

195,250

1,677

Zebra

Technologies

Corp.,

Class

A*

485,944

10,262

Zeta

Global

Holdings

Corp.,

Class

A*

134,843

1,777

Zscaler,

Inc.*

489,919

56,925,810

Real

Estate

–

0.6%

2,114

American

Tower

Corp.

REIT

453,770

2,621

Digital

Realty

Trust,

Inc.

REIT

449,554

522

Equinix,

Inc.

REIT

463,964

1,367,288

Utilities

–

1.6%

487,938

Beijing

Jingneng

Clean

Energy

Co.

Ltd.,

Class

H

(China)

151,206

6,876

Boralex,

Inc.,

Class

A

(Canada)

157,879

7,374

Brookfield

Renewable

Corp.

(Canada)

(b)

216,722

12,703

Brookfield

Renewable

Partners

LP

(Canada)

301,280

12,868

Central

Puerto

SA

ADR

(Argentina)*

(b)

167,413

411,821

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

(China)

341,891

26,293

Engie

SA

(France)

566,686

10,199

NextEra

Energy,

Inc.

720,457

33,803

ReNew

Energy

Global

PLC,

Class

A

(India)*

230,198

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

13,808

RWE

AG

(Germany)

$

519,331

3,373,063

TOTAL

COMMON

STOCKS

(Cost

$183,877,622)

211,127,714

a

Exchange-Traded

Fund

–

0.1%

111,432

Greencoat

UK

Wind

PLC/Funds

(Cost

$184,887)

170,108

Units

Description

Expiration

Month

Value

aa

Right

–

0.0%

Health

Care

–

0.0%

9,282

AstraZeneca

PLC*

(d)

(Cost

$0)

12/28

28,403

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$184,062,509)

211,326,225

Shares

Dividend

Rate

a

Securities

Lending

Reinvestment

Vehicle

–

1.8%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

3,876,403

4.216%

3,876,403

(Cost

$3,876,403)

TOTAL

INVESTMENTS

–

101.6%

(Cost

$187,938,912)

$

215,202,628

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(1.6)%

(3,441,426)

NET

ASSETS

–

100.0%

$

211,761,202

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

All

or

a

portion

of

security

is

on

loan.

(c)

Represents

an

affiliated

issuer.

(d)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.8%

Communication

Services

–

10.1%

51,421

Alphabet,

Inc.,

Class

A

$

8,831,043

42,452

Alphabet,

Inc.,

Class

C

7,337,828

79,347

AT&T,

Inc.

2,205,847

1,022

Charter

Communications,

Inc.,

Class

A*

404,988

1,477

DoubleVerify

Holdings,

Inc.*

20,294

3,185

Electronic

Arts,

Inc.

457,939

2,669

Fox

Corp.,

Class

A

146,635

1,712

Fox

Corp.,

Class

B

86,079

4,479

Interpublic

Group

of

Cos.,

Inc.

(The)

107,317

2,281

Match

Group,

Inc.

68,293

19,182

Meta

Platforms,

Inc.,

Class

A

12,420,153

5,085

Netflix,

Inc.*

6,138,765

4,726

News

Corp.,

Class

A

133,462

1,497

News

Corp.,

Class

B

48,982

123

Paramount

Global,

Class

A

2,786

7,360

Paramount

Global,

Class

B

89,056

5,207

T-Mobile

US,

Inc.

1,261,135

46,577

Verizon

Communications,

Inc.

2,047,525

21,619

Walt

Disney

Co.

(The)

2,443,812

44,251,939

Consumer

Discretionary

–

10.0%

5,096

Airbnb,

Inc.,

Class

A*

657,384

112,241

Amazon.com,

Inc.*

23,010,527

2,825

Aptiv

PLC

(Jersey)*

188,738

3,256

Aramark

131,868

2,646

Bath

&

Body

Works,

Inc.

74,406

2,535

Best

Buy

Co.,

Inc.

168,020

394

Booking

Holdings,

Inc.

2,174,458

2,621

BorgWarner,

Inc.

86,729

767

Boyd

Gaming

Corp.

57,502

692

Bright

Horizons

Family

Solutions,

Inc.*

89,406

779

Brunswick

Corp.

39,433

768

Burlington

Stores,

Inc.*

175,311

2,544

Caesars

Entertainment,

Inc.*

68,383

1,866

CarMax,

Inc.*

120,282

12,372

Carnival

Corp.*

287,278

428

Carter's,

Inc.

13,426

16,262

Chipotle

Mexican

Grill,

Inc.*

814,401

1,831

Deckers

Outdoor

Corp.*

193,207

5,767

eBay,

Inc.

421,971

1,341

Etsy,

Inc.*

74,224

1,496

Expedia

Group,

Inc.

249,458

47,333

Ford

Motor

Co.

491,317

2,465

Gap,

Inc.

(The)

54,994

11,779

General

Motors

Co.

584,356

1,719

H&R

Block,

Inc.

97,897

1,663

Harley-Davidson,

Inc.

40,261

1,730

Hasbro,

Inc.

115,408

2,890

Hilton

Worldwide

Holdings,

Inc.

717,992

11,788

Home

Depot,

Inc.

(The)

4,341,403

1,400

Kohl's

Corp.

(a)

11,382

4,200

Las

Vegas

Sands

Corp.

172,872

728

Lear

Corp.

65,826

6,727

Lowe’s

Cos.,

Inc.

1,518,486

1,381

Lululemon

Athletica,

Inc.*

437,321

3,412

Macy’s,

Inc.

40,569

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

2,696

Marriott

International,

Inc.,

Class

A

$

711,286

4,075

Mattel,

Inc.*

77,180

220

Murphy

USA,

Inc.

93,894

5,001

Newell

Brands,

Inc.

26,505

14,074

NIKE,

Inc.,

Class

B

852,744

5,412

Norwegian

Cruise

Line

Holdings

Ltd.*

95,522

245

Penske

Automotive

Group,

Inc.

40,224

682

Polaris,

Inc.

(a)

26,748

2,461

PulteGroup,

Inc.

241,252

2,857

Royal

Caribbean

Cruises

Ltd.

734,163

1,694

Service

Corp.

International

132,132

13,490

Starbucks

Corp.

1,132,486

2,798

Tapestry,

Inc.

219,783

344

TopBuild

Corp.*

97,314

6,504

Tractor

Supply

Co.

314,794

896

Travel

+

Leisure

Co.

43,519

570

Ulta

Beauty,

Inc.*

268,732

450

Vail

Resorts,

Inc.

72,077

1,553

Valvoline,

Inc.*

53,718

4,464

VF

Corp.

55,621

1,169

Wayfair,

Inc.,

Class

A*

48,210

678

Whirlpool

Corp.

52,945

910

Wyndham

Hotels

&

Resorts,

Inc.

75,330

1,233

Wynn

Resorts

Ltd.

111,636

1,109

YETI

Holdings,

Inc.*

33,891

3,396

Yum!

Brands,

Inc.

488,820

43,887,022

Consumer

Staples

–

6.0%

23,946

Altria

Group,

Inc.

1,451,367

1,982

Bunge

Global

SA

154,893

1,771

Clorox

Co.

(The)

233,560

54,719

Coca-Cola

Co.

(The)

3,945,240

11,474

Colgate-Palmolive

Co.

1,066,394

5,269

Costco

Wholesale

Corp.

5,480,708

647

elf

Beauty,

Inc.*

72,781

2,777

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

185,892

7,785

General

Mills,

Inc.

422,414

2,083

Hershey

Co.

(The)

334,717

4,149

Hormel

Foods

Corp.

127,291

933

Ingredion,

Inc.

129,799

3,750

Kellanova

309,863

17,981

Keurig

Dr

Pepper,

Inc.

605,420

4,678

Kimberly-Clark

Corp.

672,509

12,706

Kraft

Heinz

Co.

(The)

339,631

9,487

Kroger

Co.

(The)

647,298

2,035

Lamb

Weston

Holdings,

Inc.

113,512

3,601

McCormick

&

Co.,

Inc.

261,901

18,908

Mondelez

International,

Inc.,

Class

A

1,276,101

19,380

PepsiCo,

Inc.

2,547,501

678

Post

Holdings,

Inc.*

74,980

5,575

Target

Corp.

524,106

2,745

The

Campbell's

Company

93,440

4,021

Tyson

Foods,

Inc.,

Class

A

225,819

10,235

Walgreens

Boots

Alliance,

Inc.

115,144

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

51,816

Walmart,

Inc.

$

5,115,276

26,527,557

Energy

–

3.1%

4,040

APA

Corp.

68,720

10,193

Baker

Hughes

Co.

377,651

2,284

Cheniere

Energy,

Inc.

541,285

16,514

Chevron

Corp.

2,257,464

13,056

ConocoPhillips

1,114,330

6,361

Devon

Energy

Corp.

192,484

6,019

EQT

Corp.

331,828

44,364

Exxon

Mobil

Corp.

4,538,437

9,009

Halliburton

Co.

176,486

2,849

Hess

Corp.

376,609

1,762

HF

Sinclair

Corp.

63,661

19,806

Kinder

Morgan,

Inc.

555,360

3,240

Marathon

Petroleum

Corp.

520,798

6,955

Occidental

Petroleum

Corp.

283,625

6,255

ONEOK,

Inc.

505,654

4,217

Phillips

66

478,545

2,390

Range

Resources

Corp.

90,916

3,222

Valero

Energy

Corp.

415,541

12,434

Williams

Cos.,

Inc.

(The)

752,381

13,641,775

Financials

–

15.0%

3,071

Affirm

Holdings,

Inc.*

159,385

6,620

Aflac,

Inc.

685,435

3,189

Allstate

Corp.

(The)

669,275

3,334

Ally

Financial,

Inc.

116,690

6,476

American

Express

Co.

1,904,268

7,476

American

International

Group,

Inc.

632,769

1,153

Ameriprise

Financial,

Inc.

587,154

2,354

Aon

PLC,

Class

A

875,876

6,257

Apollo

Global

Management,

Inc.

817,727

632

Assurant,

Inc.

128,283

927

Axis

Capital

Holdings

Ltd.

96,223

79,720

Bank

of

America

Corp.

3,518,044

8,618

Bank

of

New

York

Mellon

Corp.

(The)

763,641

1,770

Blackrock,

Inc.

1,734,405

862

Brighthouse

Financial,

Inc.*

51,556

7,515

Capital

One

Financial

Corp.

1,421,462

1,280

Cboe

Global

Markets,

Inc.

293,274

22,698

Citigroup,

Inc.

1,709,613

2,828

Columbia

Banking

System,

Inc.

66,119

1,613

Comerica,

Inc.

92,086

3,836

Equitable

Holdings,

Inc.

202,809

518

Everest

Group

Ltd.

179,844

8,205

Fifth

Third

Bancorp

313,349

6,473

First

Horizon

Corp.

128,683

6,618

Fiserv,

Inc.*

1,077,344

3,618

Goldman

Sachs

Group,

Inc.

(The)

(b)

2,172,427

480

Hanover

Insurance

Group,

Inc.

(The)

84,470

3,518

Hartford

Insurance

Group,

Inc.

(The)

456,777

17,532

Huntington

Bancshares,

Inc.

274,025

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

6,814

Intercontinental

Exchange,

Inc.

$

1,225,157

4,970

Invesco

Ltd.

71,866

33,697

JPMorgan

Chase &

Co.

8,896,008

11,235

KeyCorp

178,187

8,077

KKR

&

Co.,

Inc.

981,032

1,488

Lazard,

Inc.

64,579

2,306

Lincoln

National

Corp.

76,421

901

LPL

Financial

Holdings,

Inc.

348,831

2,023

M&T

Bank

Corp.

369,481

5,913

Marsh

&

McLennan

Cos.,

Inc.

1,381,632

9,513

Mastercard,

Inc.,

Class

A

5,570,813

6,941

MetLife,

Inc.

545,424

3,126

MGIC

Investment

Corp.

82,683

1,895

Moody's

Corp.

908,311

13,755

Morgan

Stanley

1,761,053

327

Morningstar,

Inc.

100,853

920

MSCI,

Inc.

518,898

5,006

Nasdaq,

Inc.

418,201

1,366

OneMain

Holdings,

Inc.

70,813

11,716

PayPal

Holdings,

Inc.*

823,401

4,759

PNC

Financial

Services

Group,

Inc.

(The)

827,162

2,755

Principal

Financial

Group,

Inc.

214,587

7,011

Progressive

Corp.

(The)

1,997,644

4,369

Prudential

Financial,

Inc.

453,895

11,158

Regions

Financial

Corp.

239,228

800

Reinsurance

Group

of

America,

Inc.

162,632

623

RenaissanceRe

Holdings

Ltd.

(Bermuda)

155,389

3,754

S&P

Global,

Inc.

1,925,276

2,559

SLM

Corp.

82,835

12,839

SoFi

Technologies,

Inc.*

170,759

3,557

State

Street

Corp.

342,468

4,707

Synchrony

Financial

271,359

1,687

Synovus

Financial

Corp.

80,689

2,667

T.

Rowe

Price

Group,

Inc.

249,605

4,015

Toast,

Inc.,

Class

A*

169,353

1,412

Tradeweb

Markets,

Inc.,

Class

A

203,963

2,711

Travelers

Cos.,

Inc.

(The)

747,423

16,214

Truist

Financial

Corp.

640,453

2,201

Unum

Group

179,844

18,697

US

Bancorp

815,002

20,161

Visa,

Inc.,

Class

A

7,362,596

1,198

Voya

Financial,

Inc.

79,691

39,475

Wells

Fargo &

Co.

2,951,941

4,477

Western

Union

Co.

(The)

41,547

1,225

Willis

Towers

Watson

PLC

387,774

66,359,772

Health

Care

–

9.8%

15,839

Abbott

Laboratories

2,115,774

16,195

AbbVie,

Inc.

3,014,051

2,667

Agilent

Technologies,

Inc.

298,491

1,197

Alnylam

Pharmaceuticals,

Inc.*

364,558

4,910

Amgen,

Inc.

1,414,964

6,289

Avantor,

Inc.*

81,191

4,717

Baxter

International,

Inc.

143,869

2,684

Becton

Dickinson

&

Co.

463,232

1,347

Biogen,

Inc.*

174,827

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

177

Bio-Rad

Laboratories,

Inc.,

Class

A*

$

40,167

13,450

Boston

Scientific

Corp.*

1,415,747

18,573

Bristol-Myers

Squibb

Co.

896,704

2,261

Cardinal

Health,

Inc.

349,189

2,446

Cencora,

Inc.

712,373

4,677

Centene

Corp.*

263,970

471

Charles

River

Laboratories

International,

Inc.*

63,882

2,464

Cigna

Group

(The)

780,201

17,811

CVS

Health

Corp.

1,140,616

5,911

Danaher

Corp.

1,122,499

436

DaVita,

Inc.*

59,409

2,157

DENTSPLY

SIRONA,

Inc.

34,469

5,356

Edwards

Lifesciences

Corp.*

418,946

2,129

Elevance

Health,

Inc.

817,195

7,331

Eli

Lilly

&

Co.

5,407,859

4,216

GE

HealthCare

Technologies,

Inc.

297,397

11,428

Gilead

Sciences,

Inc.

1,257,994

1,173

Henry

Schein,

Inc.*

82,098

2,119

Hologic,

Inc.*

131,738

1,115

Humana,

Inc.

259,940

1,477

Illumina,

Inc.*

121,468

3,235

Intuitive

Surgical,

Inc.*

1,786,820

1,672

IQVIA

Holdings,

Inc.*

234,632

22,047

Johnson &

Johnson

3,421,915

782

Labcorp

Holdings,

Inc.

194,695

1,791

McKesson

Corp.

1,288,642

11,755

Medtronic

PLC

975,430

23,219

Merck &

Co.,

Inc.

1,784,148

2,994

Moderna,

Inc.*

79,521

2,650

Organon

&

Co.

24,433

51,914

Pfizer,

Inc.

1,219,460

1,243

Premier,

Inc.,

Class

A

28,564

1,030

Quest

Diagnostics,

Inc.

178,540

955

Regeneron

Pharmaceuticals,

Inc.

468,217

1,344

ResMed,

Inc.

328,998

3,314

Stryker

Corp.

1,268,069

430

Teleflex,

Inc.

52,576

3,494

Thermo

Fisher

Scientific,

Inc.

1,407,453

8,422

UnitedHealth

Group,

Inc.

2,542,686

2,367

Vertex

Pharmaceuticals,

Inc.*

1,046,332

11,001

Viatris,

Inc.

96,699

550

Waters

Corp.*

192,082

1,839

Zimmer

Biomet

Holdings,

Inc.

169,501

4,135

Zoetis,

Inc.

697,285

43,231,516

Industrials

–

9.1%

6,355

3M

Co.

942,764

394

Acuity,

Inc.

102,397

1,621

AECOM

178,067

1,601

Alaska

Air

Group,

Inc.*

81,539

87

Amentum

Holdings,

Inc.*

1,797

8,250

American

Airlines

Group,

Inc.*

94,132

2,697

AMETEK,

Inc.

482,062

521

Armstrong

World

Industries,

Inc.

81,083

1,715

AZEK

Co.,

Inc.

(The)*

84,910

8,742

Boeing

Co.

(The)*

1,812,391

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,562

Booz

Allen

Hamilton

Holding

Corp.

$

165,962

1,424

Broadridge

Financial

Solutions,

Inc.

345,790

1,396

C.H.

Robinson

Worldwide,

Inc.

133,974

532

Carlisle

Cos.,

Inc.

202,256

9,801

Carrier

Global

Corp.

697,831

5,642

Caterpillar,

Inc.

1,963,585

10,328

CNH

Industrial

NV

129,203

22,812

CSX

Corp.

720,631

1,597

Cummins,

Inc.

513,404

1,332

Dayforce,

Inc.*

78,695

2,913

Deere

&

Co.

1,474,735

7,768

Delta

Air

Lines,

Inc.

375,894

4,612

Eaton

Corp.

PLC

1,476,762

6,677

Emerson

Electric

Co.

797,100

2,589

FedEx

Corp.

564,661

1,550

Flowserve

Corp.

77,360

1,507

Fortune

Brands

Innovations,

Inc.

75,953

421

FTI

Consulting,

Inc.*

69,111

12,576

General

Electric

Co.

3,092,564

2,056

Genpact

Ltd.

88,511

7,616

Honeywell

International,

Inc.

1,726,319

4,797

Howmet

Aerospace,

Inc.

814,962

633

Hubbell,

Inc.

246,604

4,714

Ingersoll

Rand,

Inc.

384,851

983

ITT,

Inc.

147,981

964

J.B.

Hunt

Transport

Services,

Inc.

133,851

1,440

Jacobs

Solutions,

Inc.

181,872

7,705

Johnson

Controls

International

PLC

781,056

1,183

KBR,

Inc.

61,741

2,211

L3Harris

Technologies,

Inc.

540,236

1,183

Leidos

Holdings,

Inc.

175,699

381

Lennox

International,

Inc.

215,055

652

Lincoln

Electric

Holdings,

Inc.

126,221

2,465

Lockheed

Martin

Corp.

1,189,067

2,624

Masco

Corp.

163,790

675

Nordson

Corp.

143,093

1,596

Northrop

Grumman

Corp.

773,693

1,970

nVent

Electric

PLC

129,626

786

Oshkosh

Corp.

77,963

4,663

Otis

Worldwide

Corp.

444,617

1,022

Owens

Corning

136,897

1,495

Parker-Hannifin

Corp.

993,727

1,697

Quanta

Services,

Inc.

581,324

2,203

RB

Global,

Inc.

(Canada)

231,976

788

Regal

Rexnord

Corp.

105,151

1,320

Rockwell

Automation,

Inc.

416,526

15,538

RTX

Corp.

2,120,626

437

Science

Applications

International

Corp.

50,491

1,758

Sensata

Technologies

Holding

PLC

45,813

498

Simpson

Manufacturing

Co.,

Inc.

77,539

548

SiteOne

Landscape

Supply,

Inc.*

64,012

7,200

Southwest

Airlines

Co.

240,336

1,387

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*

51,846

1,833

Stanley

Black

&

Decker,

Inc.

119,933

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

3,153

Tetra

Tech,

Inc.

$

110,166

2,644

Trane

Technologies

PLC

1,137,634

1,264

Trex

Co.,

Inc.*

70,620

24,198

Uber

Technologies,

Inc.*

2,036,504

7,130

Union

Pacific

Corp.

1,580,436

3,948

United

Airlines

Holdings,

Inc.*

313,649

8,518

United

Parcel

Service,

Inc.,

Class

B

830,846

778

United

Rentals,

Inc.

551,120

1,668

Verisk

Analytics,

Inc.

523,986

511

W.W.

Grainger,

Inc.

555,743

4,753

Waste

Management,

Inc.

1,145,330

494

WESCO

International,

Inc.

82,938

2,022

Westinghouse

Air

Brake

Technologies

Corp.

409,091

2,889

Xylem,

Inc.

364,130

40,311,811

Information

Technology

–

29.9%

7,334

Accenture

PLC,

Class

A

(Ireland)

2,323,558

3,810

Adobe,

Inc.*

1,581,493

14,093

Advanced

Micro

Devices,

Inc.*

1,560,518

1,317

Akamai

Technologies,

Inc.*

100,000

4,336

Analog

Devices,

Inc.

927,817

776

ANSYS,

Inc.*

256,716

129,501

Apple,

Inc.

26,010,276

7,124

Applied

Materials,

Inc.

1,116,687

1,414

Atlassian

Corp.,

Class

A*

293,589

1,909

Autodesk,

Inc.*

565,293

40,262

Broadcom,

Inc.

9,746,222

2,412

Cadence

Design

Systems,

Inc.*

692,413

1,615

Ciena

Corp.*

129,297

463

Cirrus

Logic,

Inc.*

45,541

44,036

Cisco

Systems,

Inc.

2,776,029

2,661

Cloudflare,

Inc.,

Class

A*

441,433

4,412

Cognizant

Technology

Solutions

Corp.,

Class

A

357,328

6,792

Corning,

Inc.

336,815

514

Dolby

Laboratories,

Inc.,

Class

A

38,170

2,098

Dropbox,

Inc.,

Class

A*

60,548

1,584

DXC

Technology

Co.*

24,077

833

Elastic

NV*

67,365

1,088

First

Solar,

Inc.*

171,991

667

Gartner,

Inc.*

291,092

4,819

Gen

Digital,

Inc.

137,245

1,209

Gitlab,

Inc.,

Class

A*

55,022

1,240

GoDaddy,

Inc.,

Class

A*

225,866

721

Guidewire

Software,

Inc.*

155,029

11,573

Hewlett

Packard

Enterprise

Co.

199,981

8,535

HP,

Inc.

212,522

433

HubSpot,

Inc.*

255,427

37,782

Intel

Corp.

738,638

8,031

International

Business

Machines

Corp.

2,080,511

2,390

Intuit,

Inc.

1,800,793

3,642

Juniper

Networks,

Inc.

130,857

2,064

Keysight

Technologies,

Inc.*

324,131

1,162

KLA

Corp.

879,495

11,251

Lam

Research

Corp.

908,968

764

Lumentum

Holdings,

Inc.*

55,222

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

7,596

Marvell

Technology,

Inc.

$

457,203

9,650

Micron

Technology,

Inc.

911,539

65,365

Microsoft

Corp.

30,091,431

1,822

Motorola

Solutions,

Inc.

756,822

1,830

NetApp,

Inc.

181,463

205,683

NVIDIA

Corp.

27,793,944

3,767

ON

Semiconductor

Corp.*

158,289

13,927

Oracle

Corp.

2,305,336

5,689

Palo

Alto

Networks,

Inc.*

1,094,677

453

Pegasystems,

Inc.

44,462

944

Procore

Technologies,

Inc.*

63,409

9,775

QUALCOMM,

Inc.

1,419,330

8,090

Salesforce,

Inc.

2,146,843

1,796

ServiceNow,

Inc.*

1,815,918

1,346

Synopsys,

Inc.*

624,517

1,043

Teradata

Corp.*

22,904

1,389

Teradyne,

Inc.

109,175

7,968

Texas

Instruments,

Inc.

1,456,949

1,352

Twilio,

Inc.,

Class

A*

159,130

378

Tyler

Technologies,

Inc.*

218,102

1,844

Vontier

Corp.

65,923

1,108

Wolfspeed,

Inc.*

(a)

1,319

1,877

Workday,

Inc.,

Class

A*

464,952

630

Zebra

Technologies

Corp.,

Class

A*

182,555

2,336

Zoom

Communications,

Inc.,

Class

A*

189,800

826

Zscaler,

Inc.*

227,728

131,037,695

Materials

–

2.0%

1,445

Albemarle

Corp.

80,573

3,049

Alcoa

Corp.

81,622

794

AptarGroup,

Inc.

125,769

3,496

Ball

Corp.

187,316

1,344

Celanese

Corp.

71,003

2,080

CF

Industries

Holdings,

Inc.

188,677

1,783

Chemours

Co.

(The)

18,062

9,711

Corteva,

Inc.

687,539

8,406

Dow,

Inc.

233,182

5,001

DuPont

de

Nemours,

Inc.

334,067

2,990

Ecolab,

Inc.

794,204

1,526

FMC

Corp.

61,894

17,146

Freeport-McMoRan,

Inc.

659,778

3,554

Graphic

Packaging

Holding

Co.

78,970

3,138

International

Flavors

&

Fragrances,

Inc.

240,245

6,284

International

Paper

Co.

300,438

5,685

Linde

PLC

2,658,192

769

Louisiana-Pacific

Corp.

69,264

3,189

LyondellBasell

Industries

NV,

Class

A

180,147

3,898

Mosaic

Co.

(The)

140,874

13,658

Newmont

Corp.

720,050

2,836

Nucor

Corp.

310,145

2,701

PPG

Industries,

Inc.

299,271

2,672

United

States

Steel

Corp.

143,807

8,665,089

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

2.4%

5,053

American

Homes

4

Rent,

Class

A

REIT

$

191,256

6,901

American

Tower

Corp.

REIT

1,481,300

2,122

AvalonBay

Communities,

Inc.

REIT

438,766

4,481

Brixmor

Property

Group,

Inc.

REIT

113,862

4,582

CBRE

Group,

Inc.,

Class

A*

572,842

6,077

CoStar

Group,

Inc.*

447,024

6,508

Crown

Castle,

Inc.

REIT

653,078

4,955

Digital

Realty

Trust,

Inc.

REIT

849,882

1,425

Equinix,

Inc.

REIT

1,266,568

5,655

Equity

Residential

REIT

396,642

951

Essex

Property

Trust,

Inc.

REIT

269,989

5,284

Healthcare

Realty

Trust,

Inc.

REIT

76,618

462

Howard

Hughes

Holdings,

Inc.*

31,559

4,362

Iron

Mountain,

Inc.

REIT

430,573

704

Jones

Lang

LaSalle,

Inc.*

156,781

9,861

Kimco

Realty

Corp.

REIT

209,645

1,736

Mid-America

Apartment

Communities,

Inc.

REIT

271,944

13,660

Prologis,

Inc.

REIT

1,483,476

1,609

SBA

Communications

Corp.

REIT

373,111

6,184

Ventas,

Inc.

REIT

397,507

10,913

Weyerhaeuser

Co.

REIT

282,756

689

Zillow

Group,

Inc.,

Class

A*

45,591

2,322

Zillow

Group,

Inc.,

Class

C*

155,829

10,596,599

Utilities

–

2.4%

8,405

AES

Corp.

(The)

84,806

6,332

American

Electric

Power

Co.,

Inc.

655,299

2,341

American

Water

Works

Co.,

Inc.

334,693

4,161

Consolidated

Edison,

Inc.

434,783

3,734

Constellation

Energy

Corp.

1,143,164

10,066

Dominion

Energy,

Inc.

570,440

9,147

Duke

Energy

Corp.

1,076,785

4,571

Edison

International

254,376

5,116

Entergy

Corp.

426,060

4,292

Eversource

Energy

278,165

24,382

NextEra

Energy,

Inc.

1,722,344

5,611

NiSource,

Inc.

221,859

2,471

NRG

Energy,

Inc.

385,229

25,663

PG&E

Corp.

433,191

8,866

PPL

Corp.

308,094

5,984

Public

Service

Enterprise

Group,

Inc.

484,884

7,606

Sempra

597,756

4,077

Vistra

Corp.

654,644

6,905

Xcel

Energy,

Inc.

484,040

10,550,612

TOTAL

COMMON

STOCKS

(Cost

$324,906,500)

439,061,387

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

526,110

4.192%

$

526,110

(Cost

$526,110)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$325,432,610)

439,587,497

a

Securities

Lending

Reinvestment

Vehicle

–

0.0%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

39,916

4.216%

39,916

(Cost

$39,916)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$325,472,526)

$

439,627,413

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

432,630

NET

ASSETS

–

100.0%

$

440,060,043

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Goldman

Sachs

Small

Cap

Equity

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.0%

Communication

Services

–

0.6%

32,690

MNTN,

Inc.,

Class

A*

$

824,769

Consumer

Discretionary

–

11.4%

13,425

Boot

Barn

Holdings,

Inc.*

2,152,162

23,534

Cheesecake

Factory,

Inc.

(The)

1,298,371

57,896

Dana,

Inc.

962,810

4,988

Installed

Building

Products,

Inc.

795,486

15,956

Kontoor

Brands,

Inc.

1,094,581

12,570

M/I

Homes,

Inc.*

1,340,088

23,429

Meritage

Homes

Corp.

1,490,319

18,141

Modine

Manufacturing

Co.*

1,647,203

15,484

Ollie's

Bargain

Outlet

Holdings,

Inc.*

1,725,692

12,080

Patrick

Industries,

Inc.

1,037,189

13,880

Shake

Shack,

Inc.,

Class

A*

1,801,485

15,345,386

Consumer

Staples

–

1.2%

50,643

Primo

Brands

Corp.,

Class

A

1,674,764

Energy

–

2.8%

34,368

Archrock,

Inc.

855,763

26,630

CNX

Resources

Corp.*

859,616

73,602

Crescent

Energy

Co.,

Class

A

617,521

20,975

Matador

Resources

Co.

902,135

82,780

Patterson-UTI

Energy,

Inc.

456,946

3,691,981

Financials

–

21.7%

12,429

Aspen

Insurance

Holdings

Ltd.,

Class

A

(Bermuda)*

426,315

40,409

Atlantic

Union

Bankshares

Corp.

1,213,078

25,556

Banner

Corp.

1,575,528

56,754

Cadence

Bank

1,719,646

37,840

First

Merchants

Corp.

1,426,568

29,418

Glacier

Bancorp,

Inc.

1,219,964

10,952

Hamilton

Lane,

Inc.,

Class

A

1,631,848

7,810

Hanover

Insurance

Group,

Inc.

(The)

1,374,404

23,877

Kemper

Corp.

1,521,681

54,649

NMI

Holdings,

Inc.,

Class

A*

2,170,658

57,911

Pacific

Premier

Bancorp,

Inc.

1,227,713

13,478

PennyMac

Financial

Services,

Inc.

1,293,888

96,056

Perella

Weinberg

Partners

1,668,493

10,736

Pinnacle

Financial

Partners,

Inc.

1,141,022

8,185

Piper

Sandler

Cos.

2,058,118

9,610

PJT

Partners,

Inc.,

Class

A

1,447,843

43,516

Skyward

Specialty

Insurance

Group,

Inc.*

2,756,739

19,221

SouthState

Corp.

1,687,604

16,459

Stifel

Financial

Corp.

1,550,767

29,111,877

Health

Care

–

13.5%

51,501

Alkermes

PLC*

1,576,446

9,659

Blueprint

Medicines

Corp.*

978,940

18,470

Bridgebio

Pharma,

Inc.*

632,597

45,040

Dynavax

Technologies

Corp.*

440,942

11,711

GeneDx

Holdings

Corp.*

834,057

40,179

Halozyme

Therapeutics,

Inc.*

2,252,837

22,513

Immunovant,

Inc.*

334,318

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

10,879

Integer

Holdings

Corp.*

$

1,291,990

11,771

iRhythm

Technologies,

Inc.*

1,653,825

10,170

Lantheus

Holdings,

Inc.*

768,445

20,035

Merit

Medical

Systems,

Inc.*

1,903,926

35,318

Pennant

Group,

Inc.

(The)*

1,013,980

12,464

Prestige

Consumer

Healthcare,

Inc.*

1,067,791

18,803

REVOLUTION

Medicines,

Inc.*

740,838

26,213

Veracyte,

Inc.*

697,528

46,486

Waystar

Holding

Corp.*

1,858,510

18,046,970

Industrials

–

21.0%

15,462

Arcosa,

Inc.

1,333,907

27,643

ATI,

Inc.*

2,201,488

13,343

Crane

Co.

2,286,990

13,069

Esab

Corp.

1,607,356

13,041

ESCO

Technologies,

Inc.

2,363,551

29,766

Federal

Signal

Corp.

2,800,088

16,131

Franklin

Electric

Co.,

Inc.

1,393,557

73,861

Gates

Industrial

Corp.

PLC*

1,562,160

43,317

Kratos

Defense &

Security

Solutions,

Inc.*

1,597,964

10,658

Loar

Holdings,

Inc.*

927,779

14,986

Moog,

Inc.,

Class

A

2,777,056

13,537

MYR

Group,

Inc.*

2,123,278

19,963

SPX

Technologies,

Inc.*

3,036,173

13,931

Standex

International

Corp.

2,102,745

28,114,092

Information

Technology

–

15.9%

9,306

Advanced

Energy

Industries,

Inc.

1,068,143

37,005

Alkami

Technology,

Inc.*

1,059,823

13,948

ASGN,

Inc.*

736,594

10,218

Badger

Meter,

Inc.

2,536,312

40,582

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

937,444

14,124

Commvault

Systems,

Inc.*

2,586,810

30,673

DigitalOcean

Holdings,

Inc.*

868,046

7,979

Impinj,

Inc.*

910,324

26,467

Intapp,

Inc.*

1,458,861

27,654

JFrog

Ltd.*

1,187,463

61,381

Knowles

Corp.*

1,007,262

17,333

MACOM

Technology

Solutions

Holdings,

Inc.*

2,107,866

30,770

Onestream,

Inc.*

863,406

12,740

Q2

Holdings,

Inc.*

1,115,005

43,091

Tenable

Holdings,

Inc.*

1,388,392

37,938

Vertex,

Inc.,

Class

A*

1,501,207

21,332,958

Materials

–

4.3%

41,281

Avient

Corp.

1,491,483

17,316

Commercial

Metals

Co.

806,752

40,367

Graphic

Packaging

Holding

Co.

896,955

18,176

HB

Fuller

Co.

1,014,584

15,688

Knife

River

Corp.*

1,476,241

5,686,015

Real

Estate

–

4.4%

36,000

Cousins

Properties,

Inc.

REIT

1,010,520

Goldman

Sachs

Small

Cap

Equity

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

75,834

Independence

Realty

Trust,

Inc.

REIT

$

1,409,754

36,196

InvenTrust

Properties

Corp.

REIT

1,016,745

93,198

Newmark

Group,

Inc.,

Class

A

1,026,110

25,419

Terreno

Realty

Corp.

REIT

1,434,140

5,897,269

Utilities

–

1.2%

27,849

TXNM

Energy,

Inc.

1,578,760

TOTAL

COMMON

STOCKS

(Cost

$131,750,667)

131,304,841

Shares

Dividend

Rate

Value

aa

Investment

Company

–

2.0%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

2,630,082

4.192%

2,630,082

(Cost

$2,630,082)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$134,380,749)

$

133,934,923

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.0%

25,436

NET

ASSETS

–

100.0%

$

133,960,359

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

May

31,

2025

(Unaudited)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

Investment

Valuation

—

The

Funds’

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

Funds’

policy

is

to

use

the

market

approach.

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

to

valuation

techniques

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

The

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

shall

be

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Quoted

prices

in

markets

that

are

not

active

or

financial

instruments

for

which

significant

inputs

are

observable

(including,

but

not

limited

to,

quoted

prices

for

similar

investments,

interest

rates,

foreign

exchange

rates,

volatility

and

credit

spreads),

either

directly

or

indirectly;

Level

3

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM’s

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

(“Trustees”)

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Funds’

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

GSAM

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Act

(the

“Valuation

Designee”).

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

(“Underlying

Funds”)

include

exchange-traded

funds

(“ETFs”)

and

other

investment

companies.

Investments

in

the

Underlying

Funds

(except

ETFs)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

ETFs

are

valued

daily

at

the

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

the

investment

is

traded.

Because

the

Funds

invest

in

Underlying

Funds

that

fluctuate

in

value,

the

Funds’

shares

will

correspondingly

fluctuate

in

value.

Underlying

Funds

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

To

the

extent

that

underlying

ETFs

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

For

information

regarding

an

Underlying

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Fund’s

shareholder

report.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

May

31,

2025:

(a)

Equal

Weight

U.S.

Large

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

7,408,282

$

—

$

—

North

America

1,221,387,461

—

—

Investment

Company

1,351,764

—

—

Securities

Lending

Reinvestment

Vehicle

11,295,665

—

—

Total

$

1,241,443,172

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Hedge

Industry

VIP

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

25,706,118

$

—

$

—

Europe

13,424,316

—

—

North

America

278,911,214

—

—

South

America

6,477,434

—

—

Investment

Company

347,811

—

—

Total

$

324,866,893

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

India

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

6,583,124

$

—

$

9,846

North

America

51,834

—

—

Investment

Company

80,792

—

—

Total

$

6,715,750

$

—

$

9,846

€

1.00

€

1.00

€

1.00

(a)

Innovate

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

32,082,280

$

—

$

—

Europe

17,387,668

—

28,403

North

America

157,909,753

446,217

—

Oceania

475,947

—

—

South

America

2,825,849

—

—

Exchange-Traded

Fund

170,108

—

—

Securities

Lending

Reinvestment

Vehicle

3,876,403

—

—

Total

$

214,728,008

$

446,217

$

28,403

€

1.00

€

1.00

€

1.00

(a)

JUST

U.S.

Large

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

2,512,296

$

—

$

—

North

America

436,549,091

—

—

Investment

Company

526,110

—

—

Securities

Lending

Reinvestment

Vehicle

39,916

—

—

Total

$

439,627,413

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Small

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

131,304,841

$

—

$

—

Investment

Company

2,630,082

—

—

Total

$

133,934,923

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Securities

Lending

—

Funds

may

lend

their

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

(“BNYM”),

to

certain

qualified

borrowers.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds,

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Government

Money

Market

Fund”),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

BNYM

may

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

BNYM

is

unable

to

purchase

replacement

securities,

BNYM

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds’

master

netting

agreements

with

certain

borrowers

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction’s

bankruptcy

or

insolvency

laws.

The

Funds’

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements,

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Calculation

Methodology

Risk

(each

Fund

except

Small

Cap

Core

Equity

ETF)

—

The

Index

relies

on

various

sources

of

information

to

assess

the

criteria

of

issuers

included

in

the

Index

(or

a

reference

index,

if

applicable),

including

fundamental

information

that

may

be

based

on

assumptions

and

estimates.

Neither

the

Fund,

the

Investment

Adviser

nor

the

Index

Provider

can

offer

assurances

that

the

Index’s

calculation

methodology

or

sources

of

information

will

provide

a

correct

valuation

of

securities,

nor

can

they

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Index

Risk

(each

Fund

except

Small

Cap

Core

Equity

ETF)

—

Bloomberg

Professional

Services,

GSAM,

JUST

Capital

Foundation,

Inc.

and

Solactive

AG

(the

“Index

Providers”)

construct

the

respective

Fund’s

Index

in

accordance

with

a

rules-based

methodology.

A

Fund

will

be

negatively

affected

by

general

declines

in

the

securities

and

asset

classes

represented

in

its

Index.

In

addition,

because

the

Funds

are

not

“actively”

managed,

unless

a

specific

security

is

removed

from

an

Index,

a

Fund

generally

would

not

sell

a

security

because

the

security’s

issuer

was

in

financial

trouble.

Market

disruptions

and

regulatory

restrictions

could

have

an

adverse

effect

on

a

Fund’s

ability

to

adjust

its

exposure

to

the

required

levels

in

order

to

track

the

Index.

A

Fund

also

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

Therefore,

a

Fund’s

performance

could

be

lower

than

funds

that

may

actively

shift

their

portfolio

assets

to

take

advantage

of

market

opportunities

or

to

lessen

the

impact

of

a

market

decline

or

a

decline

in

the

value

of

one

or

more

issuers.

When

the

Index

is

rebalanced

and

a

Fund

in

turn

rebalances

its

portfolio

to

attempt

to

increase

the

correlation

between

the

Fund’s

portfolio

and

the

Index,

any

transaction

costs

and

market

exposure

arising

from

such

portfolio

rebalancing

may

be

borne

directly

by

the

Fund

and

its

shareholders.

The

Index

Providers

may

utilize

third

party

data

in

constructing

each

Index,

but

not

guarantee

the

accuracy

or

availability

of

such

third

party

data.

Errors

in

index

data,

index

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

computation

or

the

construction

of

an

Index

in

accordance

with

its

methodology

may

occur

from

time

to

time

and

may

not

be

identified

and

corrected

by

the

Index

Providers

for

a

period

of

time

or

at

all,

which

may

have

an

adverse

impact

on

the

applicable

Fund

and

its

shareholders.

In

addition,

neither

a

Fund,

the

Investment

Adviser,

the

Calculation

Agent

nor

the

Index

Providers

can

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

The

Index

Providers

may

delay

or

change

a

scheduled

rebalancing

or

reconstitution

of

an

Index

or

the

implementation

of

certain

rules

at

its

sole

discretion.

In

such

circumstances,

a

Fund,

in

replicating

the

composition

of

its

Index,

may

have

more

or

less

exposure

to

a

particular

sector

or

individual

company

than

had

the

Index

been

constructed

in

accordance

with

its

stated

methodology.

Industry

Concentration

Risk

(each

Fund

except

Small

Cap

Core

Equity

ETF)

—

In

following

its

methodology,

an

Index

from

time

to

time

may

be

concentrated

to

a

significant

degree

in

securities

of

issuers

located

in

a

single

industry

or

group

of

industries.

To

the

extent

that

an

Index

concentrates

in

the

securities

of

issuers

in

a

particular

industry

or

group

of

industries,

the

Fund

also

will

concentrate

its

investments

to

approximately

the

same

extent.

By

concentrating

its

investments

in

an

industry

or

group

of

industries,

the

applicable

Fund

may

face

more

risks

than

if

it

were

diversified

broadly

over

numerous

industries

or

groups

of

industries.

If

an

Index

is

not

concentrated

in

a

particular

industry

or

group

of

industries,

the

applicable

Fund

will

not

concentrate

in

a

particular

industry

or

group

of

industries.

Large

Shareholder

Transactions

Risk

—

Certain

shareholders,

including

other

funds

advised

by

the

Investment

Adviser,

may

from

time

to

time

own

a

substantial

amount

of

the

Fund’s

Shares.

In

addition,

a

third

party

investor,

the

Investment

Adviser

or

an

affiliate

of

the

Investment

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Redemptions

by

large

shareholders

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund’s

liquidity.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

Cboe

or

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

Shares.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

a

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions

defaults.

Market

Trading

Risk

—

Each

Fund

faces

numerous

market

trading

risks,

including

disruptions

to

creations

and

redemptions,

the

existence

of

extreme

market

volatility

or

potential

lack

of

an

active

trading

market

for

Shares.

If

a

shareholder

purchases

Shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

Shares

at

a

time

when

the

market

price

is

at

a

discount

to

the

NAV,

the

shareholder

may

pay

more

for,

or

receive

less

than,

the

underlying

value

of

the

Shares,

respectively.

The

Investment

Adviser

cannot

predict

whether

Shares

will

trade

below,

at

or

above

their

NAV.

Price

differences

may

be

due,

in

large

part,

to

the

fact

that

supply

and

demand

forces

at

work

in

the

secondary

trading

market

for

Shares

will

be

closely

related

to,

but

not

identical

to,

the

same

forces

influencing

the

prices

of

the

securities

of

a

Fund’s

Index

(except

Small

Cap

Core

Equity

ETF)

trading

individually

or

in

the

aggregate

at

any

point

in

time.

Master

Limited

Partnership

Risk

—

Investments

in

securities

of

MLPs

involve

risks

that

differ

from

investments

in

common

stock,

including

risks

related

to

limited

control

and

limited

rights

to

vote

on

matters

affecting

the

MLP,

risks

related

to

potential

conflicts

of

interest

between

the

MLP

and

the

MLP’s

general

partner,

cash

flow

risks,

dilution

risks,

limited

liquidity

and

risks

related

to

the

general

partner’s

right

to

require

unit-holders

to

sell

their

common

units

at

an

undesirable

time

or

price.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Non-Diversification

Risk

—

The

North

American

Pipelines

&

Power

Equity

ETF

and

Small

Cap

Core

Equity

ETF

are

non-diversified,

meaning

that

they

are

permitted

to

invest

a

larger

percentage

of

their

assets

in

one

or

more

issuers

or

in

fewer

issuers

than

diversified

mutual

funds.

Thus,

the

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio,

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

Tracking

Error

Risk

(each

Fund

except

Small

Cap

Core

Equity

ETF)

—

Tracking

error

is

the

divergence

of

a

Fund’s

performance

from

that

of

its

Index.

The

performance

of

a

Fund

may

diverge

from

that

of

its

Index

for

a

number

of

reasons.

Tracking

error

may

occur

because

of

transaction

costs,

a

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

its

Index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Unlike

a

Fund,

the

returns

of

an

Index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

implementing

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility

or

other

unusual

market

conditions.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)